Windsor Brokers - Short Term Technical Analysis for Majors (7:30 GMT)

[WindsorBrokers]

EUR/USD

Extends near-term recovery phase from 1.4073 low, breaking above bear channel from 1.4695 and previous high at 1.4338, to test Fib 50% of 1.4695/1.4073 decline at 1.4380. Mild correction to 1.4300 zone on overbought hourly studies was seen overnight, with fresh strength looking for break above daily 55 day MA at 1.4410, to possibly open 1.4496, 14 June high for retest. Near-term studies remain supportive, however, caution on hourly conditions approaching overbought zone. On the downside, 20 day MA at 1.4310, maintains positive tone, with reversal under 1.4290, yesterday