Technical Summary for Majors


Initial optimism that pushed the single currency higher was short-lived, as 1.2880/1.2900 barrier proved to be strong. Previous support, reinforced by 55 day EMA and bear-channel resistance, capped today’s rally at 1.2875, with subsequent sharp fall erasing all gains and posting marginally fresh low at 1.2735, channel-support. Return below 200 day MA and psychological 1.2800 support, with today’s close below here, would be a good signal for stronger correction of 1.2042/1.3170 rally, after the pair lost 1.2800 5-week range floor and negative daily studies keep the downside favored. With initial target at 1.2740, mid-June highs and Fib 38.2% being cracked, near-term focus turns towards round figure support at 1.2700 and 90 day MA at 1.2642, another significant support at 1.2600, 50% retracement and daily Ichimoku cloud base, would come in focus on a break below 1.2700/1.2642. On the upside, only break through pivotal 1.2880/1.2900, would provide relief.

Res: 1.2783, 1.2800, 1.2825, 1.2850
Sup: 1.2735, 1.2700, 1.2642, 1.2606



Failure to sustain gains above 1.6000 and upside rejection at 1.6041, Fib 38.2% 38.2% of 1.6174/1.5956 / 55 day EMA, triggered fresh weakness that fully reversed gains from 1.5956, yesterday’s low. Near-term structure weakens, as hourly indicators slide below the midlines and see risk of revisiting three-week range floor at 1.5900 zone, where also daily Ichimoku cloud base and Fib 38.2% of 1.5267/1.6308 rally lie. Break here to signal stronger correction and expose 200 day MA at 1.5846, next significant support. Any bounce above 1.6000 requires break of minimum 1.6041, to avert immediate downside risk.

Res: 1.6040, 1.6066, 1.6091, 1.6100
Sup: 1.5953, 1.5911, 1.5900, 1.5879



The pair trades in a choppy 79.80/80.40 range, with downside being vulnerable, as today’s gains failed to clear initial 80.43 barrier and subsequent weakness tests levels below 80.00. Today’s low at Fib 61.8% of 79.27/80.67, comes under pressure, with break lower to confirm hourly double top and signal for stronger corrective action towards key near-term support at 79.27. Daily close below psychological 80.00 level, to confirm negative near-term stance.

Res: 80.00, 80.43, 80.55, 80.67
Sup: 79.80, 79.63, 79.27, 79.00



Pullback from 0.9454, yesterday’s high, found ground at 0.9380, Fib 38.2% of 0.9275/0.9454 / 200 day MA and subsequent strong bounce, eased bear-pressure that emerged on a break below 0.9430/00, initial supports. Fresh gains through previous highs are looking for test of our next target at 0.9500, also 38.2% of larger 0.9970/0.9213 descend, as bulls returned to play, for continuation of recovery rally from 0.9213, 17 Oct low.

Res: 0.9470, 0.9500, 0.9538, 0.9578
Sup: 0.9436, 0.9430, 0.9400, 0.9380


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