Windsor Brokers - Short Term Technical Analysis for Majors (07:45 GMT)

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EURUSD

The Euro returned to strength, with fresh acceleration of recovery from 1.3671, 04 Apr low, probing above psychological 1.380 barrier. The rally was capped just under pivotal 1.3820 resistance, 02 Apr previous high / Fibonacci 38.2% retracement of 1.3965/1.3671 rally and bear-channel resistance. Positive near-term technicals are supportive for eventual break here, to confirm near-term bottom and open way for further recovery towards 1.3853, Fibonacci 61.8% retracement and lower top of 24 Mar at 1.3874. Corrective actions on overbought near-term studies are expected to precede fresh push higher, with 1.3750/60 zone, Fibonacci 38.2% retracement of 1.3671/1.3810 rally and previous base of 20/25 Mar, seen as ideal reversal point. Any weakness below 1.3740 higher platform / daily cloud top and rally