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

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EURUSD

The Euro holds negative tone, as weekly close in red and below Fibonacci 61.8% of larger 1.2042/1.3992 ascend, confirms strong bearish stance. Break below 1.27 support comes ticks away from 1.2660, Nov 2012 low, the last strong obstacle en-route towards 1.2042, which is expected to come in near-term focus on a break and close below 1.2660. The third wave, off 1.3699 lower top, met its 200% expansion target at 1.2675 and would look for further extension towards 1.2360, Fibonacci 261.8% expansion, ahead of 1.2042 target. Corrective actions on oversold near-term studies face initial resistance at 1.27 level and should be ideally capped under 1.2760 lower platform

Res: 1.2700; 1.2760; 1.2800; 1.2815
Sup: 1.2660; 1.2600; 1.2550; 1.2500






GBPUSD

Cable consolidates above fresh lows just above 1.62 support, following break below important 1.63 level and daily/weekly close below. Overall negative structure sees the downside favored, with key near-term term target at 1.6000, psychological support / 50% retracement of larger 1.4812/1.7189 ascend. The pair rides on the third wave, which commenced from 1.6413 lower top and is looking for 1.6175, its 100% Fibonacci expansion, then 1.6084, 138.2% expansion, ahead of 1.6050, 10 Sep low, on the way towards 1.6000 target. Corrective attempts should stay under 1.6300/40 barriers, to keep the structure intact.

Res: 1.6251; 1.6275; 1.6300; 1.6339
Sup: 1.6211; 1.6200; 1.6175; 1.6159






USDJPY

Near-term bulls are back in play after the price broke above 109.42, previous high, confirming an end of near-term consolidative phase. Price action is looking for test of near-term targets at psychological 110 and 110.66, Aug 2008 peak. Fresh action higher is signaled by last Friday