Short Term Technical Analysis for Majors (07:00 GMT)
The Euro remains well supported, as strong rally from yesterday approaches initial barrier and 18 Jun high at 1.2745, with 1.2729 seen so far. Dominating positive tone on near-term studies, keeps bulls in play, with 1.2745 and 1.2800 levels in focus. Overnights correction low at 1.2661, offer initial support, along with 20 day EMA, while key near-term support, reinforced by bull trendline off 1.2287, lies at 1.2557 and break here to signal a double-top formation.
Continues to trend higher, with break above previous high at 1.5740, cracking 200 day MA at 1.5750 and signaling further recovery. As larger timeframes studies show strong momentum building up and hourlies maintaining positive tone, break above 1.5750 is expected to look for test of next barriers at 1.5800 and 1.5850, 22 May high. Figure support at 1.5700 with 20 day EMA, offers initial support, while only loss of 1.5600, previous resistance and trendline support, will be bearish.
The pair remains under pressure, as bear-trendline off 79.73 continues to limit the upside, with overnight’s dip below 79.00 and 78.85, near-term range floor, increasing risk of retesting key near-term support and 200 day MA at 78.60. Break here would be a signal of further weakness, with 77.65, previous low and broken bear-trendline off 84.08, to come in focus. On the upside, minor barriers lie at 79.00/13, while only regain of 79.40 would improve the near-term tone.
Came under pressure again, as near-term recovery attempt off 0.9420, failed at Fib 61.8% of 0.9649/0.9420 downleg at 0.9562, with fresh weakness nearly fully retracing the 0.9420 to 0.9562 rally. Losses reached 0.9431 low so far. Corrective action on oversold hourly studies turn remains limited under 0.9500, keeping the downside in focus. Break below 0.9420 to open 0.9400 and 0.9366.
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