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

The Euro ended Tuesday’s trading in red after breaking below 1.2795 support and posting fresh low at 1.2754, where weekly Ichimoku cloud **** contained dips, just ahead of key 1.2750/44 support. Eventual push below the latter that also marks multi-month platform, is required to complete weekly Head and Shoulders pattern that would trigger more significant losses, with round figure 1.2700 support and 1.2660, November 2012 low, seen as next targets. Consolidative actions may precede fresh weakness, as technical hold firm bearish tone, with 1.2800/50 zone expected to cap. Only lift above 1.29 barrier would ease immediate bear pressure.

Res: 1.2800; 1.2850; 1.2880; 1.2900

Sup: 1.2777; 1.2754; 1.2744; 1.2700

Res: 1.5910; 1.4980; 1.5000; 1.5057

Sup: 1.4919; 1.4871; 1.4856; 1.4830

Sort-term structure weakened, as the price broke below 100.75, two-day consolidation range and cracked the next support at 100.40, 50% retracement of 99.25/101.52 upleg. Negative hourly studies keep the downside in focus, however, reversal above 100.00 support, would keep broader bulls in play for fresh attempt higher. Conversely, loss of 100 handle is expected to sideline bulls and allow for stronger correction.

Res: 100.75; 101.00; 101.29; 101.52

Sup: 100.28; 100.00; 99.48; 99.25

The pair extended short-term recovery rally from 0.9035 **** after clearing previous strong barrier at 0.9179. Short-term price action gets congested at 0.9200 barrier, as the price fails to break higher and enters consolidative mode. Short-term bulls would remain intact while range bottom at 0.9130 zone holds and would look for further recovery towards 0.9250, 01/07 high and 0.9300, 50% of 0.9555/0.9035.

Res: 0.9225; 0.9252; 0.9270; 0.9343

Sup: 0.9130; 0.9100; 0.9081; 0.9035