- 12-06-2011, 08:59 #1
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Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
Continues to weaken, as upside failure to regain 1.3600 handle, triggered fresh sell-off that was accelerated by US jobs data, with further pressure coming from negative fundamentals regarding the Eurozone credit-rating. The pair has lost strong support at 1.3370/60 zone and so far retraced 61.8% of recovery phase from 1.3211, 25 Nov low. As negative hourly studies continue to favor further losses, immediate focus comes on 1.3320/00, bull trendline off 1.3211/ figure support, below which would re-focus 1.3211 and possibly look for extension of broader downtrend. Oversold hourly conditions may provide temporary relief in corrective bounce, with 1.3400/20 offering initial resistance and 1.3485 expected to cap for now. Only lift above 1.3500 would delay bears.
Res: 1.3384, 1.3400, 1.3420, 1.3487
Sup: 1.3320, 1.3300, 1.3273, 1.3211
Remains in a negative near-term mode from 1.5777, 30 Nov high, as reversal has so far retraced over 50% of initial 1.5422/1.5777 recovery rally. Basing attempt under 1.5600 and subsequent bounce, failed to sustain gains, with fresh weakness underway, threatening 1.5576, last Friday’s low, as the pair broke under bull trendline off 1.5422 low. Hourly studies are back into negative territory, with price action holding below hourly 20 day SMA and keeping the downside in focus. Loss of 1.5576 to open 1.5558, Fib 61.8% and possibly signal an end of corrective phase, with break below 1.55/2500 to confirm. On the upside, 1.5650 zone offers initial resistance, while only clearance of 1.5700 barrier would improve the near-term outlook.
Res: 1.5641, 1.5650, 1.5700, 1.5714
Sup: 1.5586, 1.5576, 1.5558, 1.5525
Near-term outlook remains weak, as the pair failed to clear important 78.00 barrier. Subsequent reversal is attempting to stabilize at 77.80/70 zone, just above bull trendline drawn off 76.56 low that may keep hopes of fresh gains through 78.00 alive. Negative hourly studies, however, keep the downside pressure, with loss of 77.60, trendline support and Fib 50% of end of Oct post-intervention rally, to further weaken the structure and expose 77.28 and 77.00 supports. On the upside, regain of 78.00/14 is required to signal fresh strength ahead and open 78.27/44 next.
Res: 77.85, 78.00, 78.14, 78.27
Sup: 77.67, 77.50, 77.28, 77.00
Remains in stable near-term uptrend off 0.9064/69 lows of 30Oct / 01 Dec, where a higher base was formed. Clearance of 0.9200 barrier and previous highs at 0.9239/49, has so far reached levels just under 0.9300 barrier. Overbought hourly conditions, however, may delay rally, with dips to be contained above 0.9200 handle. Near-term studies remain in a positive territory and favor retest of 0.9313/28 peaks, above which to open fresh leg higher and expose 0.9400 initially.
Res: 0.9294, 0.9300, 0.9313, 0.9328
Sup: 0.9249, 0.9239, 0.9200, 0.9189
Provided By: www.windsorbrokers.com
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