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

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EURUSD

The Euro maintains positive near-term tone and attempts above consolidation top at 1.3686, with price action being underpinned by hourly 55DMA. Positive 4-hour studies see the upside favored in the near-term, with break above initial resistance at 1.3686, also near 50% retracement of 1.3817/1.3547 downleg, to open next barrier at 1.3714, Fibonacci 61.8% and 1.3753, 76.4% retracement in extension. Sustained break above 1.37 hurdle is required to expose strong 1.38 resistance zone and confirm near-term base at 1.3547. Initial support lies at 1.3650, 55DMA, below which comes 1.3636, consolidation floor / Fibonacci 38.2% of 1.3547/1.3698 upleg and 1.3623/00, 50% / 61.8%/trendline support, loss of which to bring bears in play and risk return to key 1.3547 support, 09/01 low / daily 100DMA.

Res: 1.3700; 1.3715; 1.3753; 1.3800
Sup: 1.3636; 1.3623; 1.3600; 1.3567





GBPUSD

Cable lost ground after repeated rejection at 1.65 barrier triggered sharp two-legged fall that nearly fully retraced 1.6336/1.6515 upleg on a dip to 1.6345. Freshly established bears on lower timeframes and formation of lower top at 1.6515, see increased downside risk for break below 1.6336 handle towards immediate supports at 1.6316, higher platform / Fibonacci 38.2% of 1.5853/1.6602 and psychological 1.6300 support, also Fibonacci 76.4% expansion of the third wave from 1.6515, below which the wave could extend to 1.6234, its 100% expansion and 1.6212, 17/12 low. Conversely, holding above 1.6336, would prolong consolidation and signal basing attempt, with bounce through pivotal 1.6430/40 barriers, required to confirm.

Res: 1.6427; 1.6445; 1.6464; 1.6500
Sup: 1.6400; 1.6366; 1.6345; 1.6336




USDJPY

The pair lost ground after last Friday