Technical Outlook for Majors 05/02/2016

[WindsorBrokers]

EURUSD
The Euro eases below 1.12 handle, following choppy post NFP trading, which initially jumped to fresh 2016 high at 1.1243, but failed to hold gains.
Dollar gained traction despite disappointing NFP data that came well below expectations, but still above breakpoint, which lies at 100K zone, as unemployment fell to eight-year low.
However, the move could be described as corrective action, of larger bullish acceleration that commenced from 1.08 zone and peaked at 1.1243.
Overall sentiment remains bullish and expects fresh bull-leg to start, after end of corrective phase, as the pair is on track for strong weekly bullish close.
Pullback approaches initial support at 1.1095, top of rising hourly Ichimoku cloud, followed by 1.1077, Fibonacci 38.2% of 1.0808/1.1243 upleg, ahead of first pivot at 1.1054/40, 200SMA / weekly Ichimoku cloud base, which is expected to ideally contain dips.
Otherwise, daily close below here would signal false penetration into weekly cloud and deeper correction towards next pivotal supports at 1.0980 zone, former congestion tops / Fibonacci 61.8% of 1.0808/1.1243 upleg.
Res: 1.1180; 1.1243; 1.1264; 1.1300
Sup: 1.1095; 1.1077; 1.1054; 1.1040;


GBPUSD
Cable is losing traction on fresh weakness below 1.45 handle, which cracked support at 1.4478, daily 30SMA. Fresh weakness is looking to leave bearish daily candle, which is about to form reversal pattern with yesterday