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

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EURUSD

The Euro trades in near-term consolidative phase, off fresh low at 1.3570, where the pullback found temporary support just ahead of daily Ichimoku cloud top at 1.3563 and main bull trendline at 1.3550. The price action is entrenched within 1.3600/55 range, with hourly studies in neutral mode. However, negative tone prevails on 4-hour chart that keeps the downside at risk, while the price holds below initial barriers at 1.3664/69, Fibonacci 38.2% of 1.3817/1.3570 and 4-hour 55DMA. Break lower to trigger fresh bear-leg and open next targets at 1.3525, higher platform / Fibonacci 61.8% retracement of 1.3294/1.3892 upleg, reinforced by daily 100DMA / round figure support. Conversely, sustained break above 1.3570 hurdle is required to avert immediate downside risk and allow for stronger bounce towards strong 1.3700/20 resistance zone, 50% / 61.8% retracement of 1.3817/1.3570 / bearish 20/55DMA