EUR/USD
The end of the previous week did not preserve the bullish optimism, leaving a long upper shadow in history. A consolidation below the historical level of 1.2243 continues. The breakdown of the resistance will bring back the relevance to the upward daily target for the breakdown of the daily Ichimoku cloud (1.2345 - 1.2416), which is strengthened by the maximum extremum (1.2349). In turn, the development of the downward correction will require trading in a fairly wide and strong support zone. Today's nearest downward targets are set at 1.2150 (historical level + daily short-term trend) and 1.2100 (daily medium-term trend + weekly Fibo Kijun).
There is currently a struggle on controlling the key levels in the smaller time frames that determine the advantages and preponderance of forces. Today, these levels are joining forces around the level of 1.2196 (central pivot level + weekly long-term trend). A movement below which will help strengthen the bearish mood. If so, we can note the bearish intraday targets seen at 1.2147 - 1.2114 - 1.2068 (support for classic pivot levels).
On the contrary, a consolidation above the level of 1.2196 will allow us to hope for further recovery of bullish positions. The next intraday upward targets will be 1.2226 - 1.2272 - 1.2305 (resistances of classic pivot levels).
GBP/USD
The testing of the resistance zone of 1.4240 by the bulls last Friday led to the formation of the daily rebound again. If the bears manage to get confirmation of the rebound now, then the likely development of the situation may provoke an increase in corrective sentiment, both in the daily and weekly periods. The support zone formed by the daily target (1.4137 - 1.4090), reinforced by the daily short-term trend (1.4119), will now hinder the implementation of bearish plans.
The bears in the smaller time frames are ready to consolidate their full advantage. To make this happen, it is necessary to break through the attraction of the key levels that joined forces in the area of 1.4158-73 and update the low (1.4136). The support of the classic pivot levels (1.4114 - 1.4080 - 1.4021) will serve as the downward pivot points.
In turn, if the bullish traders manage to regain the key levels 1.4158-73 (central pivot level + weekly long-term trend), then we can expect their new activity and recovery of positions. Their main task is still testing and breaking through the resistance level of 1.4240 in the upper time frames.
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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.