Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

[WindsorBrokers]

EURUSD
EURUSD remains unchanged trading sideways between 1.3720 and 1.3665. This is causing the price to trade at the 55 and 20 moving average on the 1 hour chart. Overall the dollar remains strong on expectations of a further reduction in US monetary stimulus. However we expect limited action as many markets are still on Holiday
Res: 1.3720, 1.3750, 1.3785
Sup: 1.3665, 1.3645, 1.3620


GBPUSD
Sterling did produce some action today as we saw it break its first resistance level 1.6370. It continued its rise to test the next resistance level 1.6400 but failed to break it and retraced. This was a good sign for the bulls and outlook will remain upwards if it stays supported at 1.6320 (today