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

[WindsorBrokers]

EURUSD

The Euro consolidates above fresh lows at 1.3520, following sharp fall from 1.36 zone, where the larger rally stalled. Formation of hourly H&S pattern sees more downside risk, with further acceleration expected on a break below strong support at 1.3500, round figure support / daily 20DMA / Tenkan-sen line. Losses below 1.35 handle to open another strong support at1.3460 zone, 50% retracement of 1.3294/1.3620 / daily cloud base, with higher low at 1.34 seen in extension. Negative near-term technicals support the scenario, with initial resistance at 1.3559, Fibonacci 38.2% of 1.3614/1.3523 fall being cracked for extension towards 1.3579, yesterday