Short Term Technical Analysis for Majors (08:00 GMT)


Windsor Brokers Representative
The pair rallied on Greek deal announcement, moving from overnight’s low at 1.3187, to briefly break above daily 90 day SMA, but so far failed to regain psychological level at 1.3300 and key near-term barrier at 1.3320. Positive structure off 1.2973, last week’s low / Fib 50% of 1.2622/1.3320 ascend, sees potential for attempt through 1.3320, to resume short-term uptrend from 1.2622 and expose 1.3400 and 1.3430, Fib 50% of 1.4246/1.2622 descend. Previous resistance at 1.3230, now offers initial support, ahead of more significant 1.3180 zone and 4H 20 day SMA at 1.3160, where corrective dips should be contained, to keep immediate bulls intact.

Res: 1.3292, 1.3300, 1.3320, 1.3350
Sup: 1.3230, 1.3200, 1.3180, 1.3137

Holds the near-term positive tone from 1.5650 zone double-bottom, but gains are still capped under 200 day SMA at 1.5911 and key near-term resistance at 1.5926, 08 Feb peak. Clear break here is required to resume short-term rally and signal fresh bull-phase, however, wider picture outlook is more pessimistic, as studies started to point lower, with risk of repeating the scenario from Oct / Nov 2011, when price action was capped by 200 day SMA and triggered significant losses. Strong near-term support lies at 1.5800 zone.

Res: 1.5860, 1.5879, 1.5882, 1.5900
Sup: 1.5815, 1.5800, 1.5788, 1.5770

The pair’s strong three-week rally off 76.00 base, has finally cleared the main barrier at 79.52, 31 Oct 2011 post-intervention peak, reaching 79.88 high so far, ahead of psychological barrier at 80.00, above which to signal break above longer-term range from Aug 2011. Subsequent consolidation found ground at 79.50, now acting as support, with fresh gains under way, looking for fresh extension of short-term uptrend. Near-term studies remain supportive.

Res: 79.88, 80.00, 80.23, 80.40
Sup: 79.50, 79.00, 78.70, 78.50

Remains under pressure after the recent upside rejection at 0.9300, with subsequent slide breaking below strong support zone at 0.9100/0.9087, to post marginally lower low at 0.9081 so far. Bounces are seen corrective, as long as holding below 0.9150/80 zone, with focus at 0.9075, Fibonacci level, ahead of 0.9000, psychological support. To improve the short-term structure, clear break above 0.9300 barrier is required.

Res: 0.9120, 0.9150, 0.9162, 0.9177
Sup: 0.9100, 0.9087, 0.9081, 0.9075