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

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EURUSD

The Euro is losing traction after triple rejection at 1.38 resistance zone triggered pullback to 1.3752 so far, retracing near 61.8% of 1.3704/1.3819 rally. Formation of bearish engulfing pattern suggests further easing and possible retest of strong 1.37 support zone, previous low of 28 Mar and daily cloud top. Negative hourly studies and 4-hour indicators breaking below the midlines, support the notion, with violation of 1.37 handle to signal continuation of bear-channel of 1.3965 peak. Recent low at 1.3752, along with Fibonacci 61.8% of 1.3704/1.3819, offer immediate support, ahead of 31 Mar spike low and daily 55SMA at 1.3721 and pivotal 1.3704, low of 28 Mar, below which bearish resumption would look for 1.3680, 100SMA and 1.3662, 61.8% retracement of larger 1.3475/1.3965 ascend. Session high and previous 31 Mar / 01 Apr consolidation lows at1.3770, offer initial resistance, with 1.3785, 50% retracement and hourly 20/55SMA