Technical Summary for Majors


The single currency recovered all overnight losses on a bounce from day’s low at 1.2834, reaching 1.2900 barrier, where 4h Ichimoku cloud base capped gains for now. As overall picture remains bearish, the latest rally could be seen as corrective wave 4 of downmove from 1.3070 and should ideally end at 1.2900 area, before the wave 5 commences, with projected target at 1.2770 that will include break below strong 1.2820/00 support. Conversely, extension of wave 4 through initial 1.2920 barrier, Fib 38.2% / trendline resistance and 1.2960, yesterday’s intraday high, near 50% retracement, would question bears, while regain of psychological 1.3000 is required to turn near-term focus higher.

Res: 1.2900, 1.2920, 1.2936, 1.2960
Sup: 1.2878, 1.2850, 1.2834, 1.2820



The pair remains in near-term consolidative / corrective action from fresh one-month low at 1.5975, posted yesterday. Brief break above 1.6000 handle, brings more positive tone in the hourly studies, with additional support provided by hourly MACD bullish divergence. However, failure to clear initial resistance at 1.6045 and more significant 1.6066, previous low / Fib 38.2% of 1.6216/1.5975 descend, would risk further acceleration lower, as larger picture outlook remains negative and risk extension towards 1.5910/00, 23 Aug high / Fib 38.2% of 1.5267/1.6308 / daily 55 day MA. On the other hand, break above 1.6066 and psychological 1.6100 barrier, would delay bears and allow for stronger correction.

Res: 1.6000, 1.6045, 1.6066, 1.6100
Sup: 1.6000, 1.5975, 1.5958, 1.5910



The pair remains in a narrow-range sideways mode, with slight improvement on hourly studies, seen on a bounce off day’s low at 78.18. However, no significant changes could be expected while initial barrier and range top at 78.40 stays intact, with further extension through 78.56, Fib 61.8% of 78.86/78.07, required to signal stronger recovery and open key near-term barrier at 78.86. On the downside, loss of 78.20 higher platform, will risk test of 78.00 base.

Res: 78.36, 78.40, 78.59, 78.75
Sup: 78.18, 78.07, 78.00, 77.78



Corrective pullback from day’s high at 0.9430 is attempting to base 0.9390 zone, ahead of our reversal point at 0.9370. Overall positive structure, keeps the upside favored, with break above 0.9430/36 required to confirm break above near-term congestion and confirm base at 0.9237, to trigger stronger recovery towards 0.9461, 29 June low and 0.9500, 31 Aug low / round figure resistance. Bullish 20/55 EMA’s crossover at 0.9350, underpins the rally.

Res: 0.9417, 0.9430, 0.9436, 0.9461
Sup: 0.9387, 0.9370, 0.9350, 0.9320


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