Technical Outlook for Majors 02/11/2015

[WindsorBrokers]

EURUSD
The Euro is back above 1.10 handle, where it closed on Friday, after recovery rally was capped by bear-trendline that connects 1.1712 and 1.1458 peaks at 1.1070 and daily candle with long upper shadow, signaled strong selling interest.
Further recovery cannot be ruled out, as daily slow Stochastic is heading north, after reversing from oversold zone, with potential probes above trendline resistance, now at 1.1055, expected to find strong barriers at 1.1082, falling daily 10SMA that formed Golden Cross and 200SMA 1.1107, which is expected to cap extended rallies.
Downside remains at risk, as bearish signal was given by strong bearish monthly close, with prolonged consolidation, signaled by weekly long-legged Doji and failure to close below monthly wedge support line, expected to precede fresh leg lower.
Res: 1.1048; 1.1082; 1.1107; 1.1138
Sup: 1.1011; 1.0964; 1.0895; 1.0862


GBPUSD
Cable remains well supported and looks for retest of strong 1.5506 barrier, lower platform, where several upside attempts were rejected, following last Friday