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

Lack of action again for the euro as we see another day of trading within a narrow 40 pip range. Previous Resistance and support levels still hold as they were not even tested during the last two sessions. We can currently safely say that EURUSD ended its upward trend on the 1 hour chart and now is stuck in a range between 1.3940 and 1.3800.

Res: 1.3940, 1.3970, 1.4015

Sup: 1.3800, 1.3750, 1.3720

Sterling manages to continue the current downtrend on the 1 hour chart by breaking another support level at 1.6620. It achieved a new low at 1.6595. We have downward signals from the momentum indicators MACD and Momentum (22) plus prices are currently below exponential moving average 55 and the Ichimoku Cloud

Res: 1.6650, 1.6685, 1.6730,

Sup: 1.6580, 1.6540, 1.6580

We saw an almost 60 pip drop for the USDJPY during the previous and current session however it failed twice to break current support of 102.80. It currently trading close to that level and testing it for the third time. If it does manage to break it this will open the way for 102.25 & 101.70. However a rise above 103.75 will reverse our outlook

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

Strong upward action from Gold as we saw it break important resistance level 1354 and continue its rise to test 1362. This was the third attempt at breaking 1354, the previous two failed attempts happened on 6th and 3rd of this month. Because of this we will safely say that gold broke out of its range trading mode and we have an upward trend now on the 1 hour chart

Res: 1362, 1375, 1388

Sup: 1337, 1330, 1322,