Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)

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EUR/USD

Failed to extend recovery off 1.2586, with reversal emerging from 1.2778, just above 23.6% retracement of 1.3332/1.2586 downleg. This has completed a rising wedge and market now looks for retest of 1.2586, break of which will open 1.2522 and 1.2480.

Res: 1.2675, 1.2715, 1.2745, 1.2778
Sup: 1.2608, 1.2586, 1.2522, 1.2480





GBP/USD

Correction from 1.5371 has stalled at 1.5596, just under 1.5610, 38.2% retracement of 1.5997/1.5371 decline, with bears now attempting to complete a three-legged reversal off 1.5596. Potential break below 1.5371 would open fresh weakness, as short-term outlook remains negative.

Res: 1.5472, 1.5533, 1.5573, 1.5596
Sup: 1.5371, 1.5335, 1.5322, 1.5296




USD/JPY

Maintains negative tone, following yesterday