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

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EURUSD

The Euro accelerated lower after recovery attempts stalled at 1.0886 yesterday, with extension below trendline support at 1.0820 and previous low of 07 Apr at 1.0800, reinforced by daily 20SMA, confirming hourly double top at 1.0883/86. Fresh weakness marked the third consecutive close in red, as extension of pullback from 1.1034, 06 Apr lower top, is looking for full retracement of the upleg from 1.0711 to 1.1034. Break below the latter to confirm double top of the larger picture at 1.1050/34 and trigger further retracement of 1.0461/1.1050 recovery rally. Near-term indicators are establishing in the negative territory and favor further weakness, as overall tone remains negative and requires close below 1.0711, to confirm an end of near-term consolidative phase between 1.0711 and 1.1050 and signal bearish resumption. Former supports at 1.0800/20, now act as initial resistances, while only break above 1.0871/86, 4-hour Ichimoku cloud top / yesterday