Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The Euro continues its rally after consolidation around 1.3000 and weekly close just below the figure. Fresh strength through 1.3000, also daily Ichimoku cloud top and 1.3020/25, previous highs / Fib 76.4%, opens way towards trendline resistance at 1.3082 and psychological 1.3100 barrier. 10-day EMA at 1.3020 offers initial support, ahead of more significant 1.3000, while any deeper dips should be contained at 1.2970/60, higher platform / 50% of 1.2879/1.3046, to keep immediate bulls intact. Conversely, violation of 1.2960/40 support zone, would delay bulls in favor of stronger retracement towards 1.2920/00, next support area.
Cable remains congested under strong 1.6050 barrier, following last Friday’s unsuccessful attempt to break higher. Near-term price action is entrenched within 1.6060 and 1.5960 range, as bulls run out of steam and indicators hold neutral tone. Upside break to open 1.6100, while penetration of 1.6000/1.5990 supports, would risk test of range floor and possibly open way for fresh weakness towards 1.5900.
The pair lacked momentum for full reversal of 82.83/81.68 descend, as rally from 81.68 stalled at 82.74 and subsequent corrective action is under way. Weekly close above 82.00 keeps bullish structure intact for possible attempt at psychological 83.00 level, with 82.00 expected to contain. Only violation of 81.68 support would sideline bulls and allow for stronger corrective action towards 81.40, Fib 38.2% of 79.06/82.83 and 81.00, round figure support.
The pair continues to trend lower, with series of loser lows, keeping focus at key near-term support and larger consolidation range floor at 0.9213. With fresh low being posted overnight and upside capped by descending 20 day EMA at 0.9260, bears remain fully in play. Negative studies on 1 and 4h chart support the notion. Only break above 0.9300, daily Ichimoku cloud base / Fib 61.8% of 0.9339/0.9242, would avert immediate downside risk.
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Short Term Technical Analysis for Majors (07:00 GMT) 
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