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

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EURUSD

The Euro trades in consolidative mode after finding ground above 1.33 support. Near-term price action moves around 1.34 handle, still holding below 1.3443, 01 Aug lower top and breakpoint, clearance of which is required to trigger stronger recovery and confirm near-term base. Near-term action is supported by positive hourly studies and 4-hour indicators emerging above the midlines. Also, reversing daily indicators and RSI out of oversold zone, support the notion. Lift above 1.3443, also near 38.2% retracement of 1.3639./1.3316 descend, to open 1.3485, 24 July lower top and 50% retracement, as well as psychological 1.35 barrier. Pullback off fresh recovery high at 1.3431, which dented 1.34 support, also near 38.2% of 1.3316/1.3431 ascend, should hold above 1.3370, Fibonacci 61.8% retracement and hourly 20/55 SMA