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

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EURUSD

The Euro remains under pressure and moved lower, ending brief consolidation above 1.37 handle. Overall bearish tone keeps the downside preferred, with consolidative action expected to hold below initial 1.3770 barrier, ahead of fresh push lower. Key near-term target lies at 1.3670, 04 Apr low, break of which to confirm completion of short-term corrective phase and signal double-top formation ahead of further weakness. Corrective actions should be capped by 1.38 psychological / Fibonacci 38.2% resistance, to keep bears intact. Alternatively, rally above 1.38 handle would signal stronger recovery and put bears on hold.

Res: 1.3700; 1.3729; 1.3773; 1.3800
Sup: 1.3642; 1.3619; 1.3600; 1.3561






GBPUSD

Cable remains pressured and continues to move lower, eventually breaking below 1.68 support and posting fresh lows on approach to 1.6700, psychological support. Near-term studies are negative and favor further downside, as bulls on the larger timeframe lost momentum and will be likely sidelined in favor of fresh weakness. Loss of 1.6730/20, 50% retracement of 1.6464/1.6995 upleg / daily 55SMA, is required to confirm. Corrective rallies face immediate barrier at 1.6775/85, ahead of 1.68 zone, while 1.69 lower top and Fibonacci 61.8% of descend from 1.6995, should keep the upside attempts limited.

Res: 1.6785; 1.6800; 1.6829; 1.6873
Sup: 1.6730; 1.6700; 1.6667; 1.6650





USDJPY

The pair lost traction and fell below 102 handle, posting fresh low at 101.66, Fibonacci 76.4 retracement of 101.42/102.35 ascend. Fresh bulls, established on a rally from 101.42 and break above 102 handle, are now on hold, as neart-term studies turned negative. This shifted focus lower for possible retest of very strong 101/40/20 support zone. However, bulls may be revived if fresh recovery attempts emerge above 102 and regain 13 May