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

Positive sentiment, established on a break above 1.3070/1.3100 barriers, 200DMA / daily Ichimoku cloud top is fading, as the price slides again below 1.3100 handle. The rally stalled at 1.3175 zone, lacking momentum for final push to 1.3205 high, break of which to resume rally from 1.2754. Studies are mixed, with 4-hour chart structure remaining positive, while hourly studies weakened, as the price probes below 1.3100 support. Losing 1.3100/1.3070 support zone would further weaken the structure and open way towards key support and higher platform at 1.3000.

Res: 1.3158; 1.3176; 1.3205; 1.3258

Sup: 1.3080; 1.3050; 1.3000, 1.2980

Res: 1.5200; 1.5242; 1.5266; 1.5304

Sup: 1.5152; 1.5100; 1.5075; 1.5043

The pair regained strength and broke above Wednesday’s congestion and triangle resistance at 99.80 zone. Fresh gains through psychological 100 barrier, bring bulls in play for retest of key 100.47 resistance, break of which to resume short-term rally from 98.22 low. Short-term technicals are supportive for further gains, with initial support at 99.50, ahead of bull trendline at 99.15 and 99.00/98.88, below which bears would take control.

Res: 100.47; 100.62; 101.00; 101.29

Sup: 99.90; 99.50; 99.15; 99.00

The pair broke below yesterday’s range floor at 0.9190, weakening the near-term structure after upside rejection on approach to strong 0.9304 barrier. Weak hourly studies see potential for further corrective easing off yesterday’s 0.9290 high, with 0.9140, 50% retracement of 0.8997/0.9290, seen as immediate target. Larger picture range, however, remains intact, with positive 4-hour structure still seeing scope for attempt at 0.9304, range top, break of which would trigger stronger corrective action and open 0.9343/0.9400. Conversely, loss of 0.9140/00 supports, would open 0.9000 zone for retest.

Res: 0.9200; 0.9250; 0.9290; 0.9304

Sup: 0.9140; 0.9100; 0.9085; 0.9034