Short Term Technical Analysis for Majors (08:15 GMT)
Extends recovery from 1.1875, fresh four year low, posted on 07 Jun, with immediate resistance now standing at 1.2215. Break here will open 1.2272, 50% retracement of 1.2671/1.1875 downleg. 1.2110 now offers initial support, while loss of 1.2045 would trigger fresh bears.
Latest consolidation in a daily time frame is likely part of a larger bearish continuation pattern. A break below 1.4501, last Friday's low, will increase bearish sentiment and open 1.4344 first, ahead of possible extension to 1.4257/30, while upside clearance of 1.4769 strengthens the tone for 1.4874 next.
Break of last week’s 4 day wedge break has signaled a fresh strength to pressure 92.07. Clearance here opens two trendline at 92.33 and 92.59, with break above these levels expected to trigger a near-term bull phase towards 92.87/94. Loss of 91.21 support, however, turns the focus lower.
Upswing off the lower shallow corrective channel from 1.1730, fell just shy of 1.1553 resistance, ahead of fresh weakness. This now suggests further near-term congestive trade, with 1.1396/70 expected to hold. Break above 1.1545/54 is needed to firm and open 1.1602 next.