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

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EUR/USD
The Euro remains well supported, as strong rally from yesterday approaches initial barrier and 18 Jun high at 1.2745, with 1.2729 seen so far. Dominating positive tone on near-term studies, keeps bulls in play, with 1.2745 and 1.2800 levels in focus. Overnights correction low at 1.2661, offer initial support, along with 20 day EMA, while key near-term support, reinforced by bull trendline off 1.2287, lies at 1.2557 and break here to signal a double-top formation.

Res: 1.2700, 1.2729, 1.2745, 1.2800
Sup: 1.2661, 1.2643, 1.2623, 1.2600




GBP/USD
Continues to trend higher, with break above previous high at 1.5740, cracking 200 day MA at 1.5750 and signaling further recovery. As larger timeframes studies show strong momentum building up and hourlies maintaining positive tone, break above 1.5750 is expected to look for test of next barriers at 1.5800 and 1.5850, 22 May high. Figure support at 1.5700 with 20 day EMA, offers initial support, while only loss of 1.5600, previous resistance and trendline support, will be bearish.

Res: 1.5756, 1.5800, 1.5820, 1.5847
Sup: 1.5700, 1.5630, 1.5614, 1.5600





USD/JPY
The pair remains under pressure, as bear-trendline off 79.73 continues to limit the upside, with overnight