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

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

Postby WindsorBrokers » Mon Jun 15, 2015 6:42 am


Near-term direction is turning downside, after Euro’s last Friday’s hesitation, shaped in long-legged Doji, started week in soft tone, opening with gap lower. The price holds around 1.12 handle that was cracked overnight, with upside attempts being capped at 1.1230 by ascending daily 10SMA, keeping for now Friday’s closing level at 1.1260, intact. Near-term studies are in neutral mode, with focus at immediate targets at 1.1168/49, Fibonacci 38.2% of 1.0818/1.1384 upleg / last Friday’s low / daily Kijun-sen line, loss of which to weaken near-term structure and expose pivotal 1.1047 higher low, posted on 05 June. However, repeated bullish weekly close and positively aligned daily/weekly studies, keep scenario of higher low formation and fresh push higher, in play. Filling overnight’s gap is seen as initial step, with break above 1.13 barrier, near last Friday’s high, required to confirm reversal.

Res: 1.1230; 1.1260; 1.1294; 1.1349
Sup: 1.1191; 1.1168; 1.1149; 1.1127



Positive last Friday’s close that also occurred above 200SMA, keeps the upside focused, as last Friday’s rally also cracked Fibonacci 61.8% barrier of 1.5813/1.5168 downleg, at 1.5166. The notion is supported by long green weekly candle, on acceleration from 1.5168, correction low of 01 June, where higher low was formed. Bullish tone prevails on all timeframes and favors further upside, with focus on immediate barriers at 1.5596, session high, then 1.5661, Fibonacci 76.4% and 21/22 May lower tops at 1.5688/98. Daily 200SMA, also Kijun-sen, offer initial support, ahead of last Friday’s low at 1.5464 and Fibonacci 38.2% of 1.5219/1.5596 rally at 1.5452, where corrective dips are expected to find ground. Alternatively, break here and below 1.5418, 11 June low, would weaken near-term tone and shift focus lower.

Res: 1.5568; 1.5596; 1.5661; 1.5698
Sup: 1.5527; 1.5491; 1.5464; 1.5452



Near-term price action remains directionless, after bounce from near-term base at 122.44 was capped at 124 zone and price action entrenched within narrow range. Last Friday’s Doji confirms hesitation, along with neutral near-term technicals. Immediate downside threats were neutralized after fresh rally covered overnight’s gap lower, however, range-trading remains intact in the near-term. However, downside remains at risk, as corrective pullback from fresh high at 125.84, hasn’t finished yet and risk of lower top formation and fresh leg lower, exists. To neutralize such scenario, break above daily 10SMA and last Thursday’s recovery top at 123.98/124.11, is seen as minimum requirement, with further rallies and break above lower top at 124.61. also Fibonacci 61.8% of 125.84/122.44, to confirm reversal and shift focus higher.

Res: 123.80; 124.11; 124.61; 125.04
Sup: 123.10; 122.44; 122.35; 122.01


The pair continues to trade in near-term sideways mode, with focus shifting lower, following last Friday’s bearish close and probe below near-term range floor. With descending daily 20SMA continuing to cap, more downside pressure could be expected, as daily 10SMA, currently at 0.7708, was cracked. Weak daily studies keep the upside limited for now, with contracting 20d Bollingers, suggesting further range trading, as past two-week price action remains within 0.7596/0.7817 range.
Res: 0.7721; 0.7752; 0.7791; 0.7802
Sup: 0.7700; 0.7676; 0.7634; 0.7596
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