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

The Euro remains in near-term consolidative mode above fresh low at 1.3506, with probe above initial 1.3560 barrier, being for now capped at the next hurdle at 1.3580. However, positive tone, established on hourly chart, sees potential for fresh upside attempts, with sustained break above 1.3580 and more significant 1.3600 barrier, 50% retracement of 1.3698/1.3506 / daily Kijun-sen line / broken bull-trendline off 1.2754, required to spark stronger recovery. On the other side, negative 4-hour / daily studies, see the upside actions limited, as failure at 1.36 would keep the sideways mode in play, with the downside remaining vulnerable. Break below 1.35 support will be seen as a trigger of fresh extension of near-term downtrend from 1.3892, 27 Dec peak.

Res: 1.3580; 1.3600; 1.3625; 1.3648

Sup: 1.3535; 1.3506; 1.3460; 1.3430

Fresh bulls came in play as the price broke above near-term triangular consolidation and bear-trendline off 1.6602 peak, signaling attack at important 1.6515 barrier, 10 Jan lower top. Positive near-term studies support the advance, with corrective action on overbought hourly studies, expected to ideally find footstep at 1.6450/40 zone, previous consolidation tops / bull-trendline off 1.6307 / hourly 55DMA. Further easing below the latter, however, would delay immediate bulls for deeper pullback. Only loss of 1.64 higher platform would bring bears back in play.

Res: 1.6489; 1.6515; 1.6577; 1.6602

Sup: 1.6450; 1.6440; 1.6400; 1.6376

The pair enters range trading after upside rejection under 104.93 peak, with near-term price action established within 104.75 and 103.90 range. Holding above 104 handle, also near 50% retracement of 102.84/104.93 upleg, would keep the upside in play, as 4-hour studies hold positive tone. Regain of 104.93 and 105 hurdles is required to signal further upside and eventual attack at key 105.40 double-top. Otherwise, loss of higher platform at 103.90 would increase downside risk and formation of lower top at 104.75, as a part of near-term downtrend from 105.43, 02 Jan peak.

Res: 104.56; 104.75; 104.93; 105.05

Sup: 104.13; 103.89; 103.64; 103.30

The pair regains ground after break above near-term consolidative range and initial barrier at 0.8830, regain the next resistance at 0.8881, Fibonacci 38.2% retracement of 0.9084/0.8755 descend. Further advance is seen favored, as 4-hour studies gained strong momentum, however, overbought hourly conditions see scope for consolidative/corrective action ahead of next barriers at 0.8900/20, round figure / daily 20DMA / 50% retracement. The downside should be ideally protected at 0.8830, previous resistance, to keep fresh bulls intact. Potential stronger recovery would look for 0.9000 and pivotal 0.9084, 13 Jan lower top / daily 55DMA.

Res: 0.8900; 0.8920; 0.8932; 0.8958

Sup: 0.8850; 0.8830; 0.8800; 0.8775