Technical analysis recommendations of EUR/USD and GBP/USD on September 22

EUR/USD

The situation preferred to pause its development again. The bulls failed to confirm and continue their growth, while the bears have not yet shown themselves. The daily timeframe is currently dominated by uncertainty. For bearish traders, the support levels of 1.1695 (monthly Fibo Kijun) and 1.1664 (minimum extremum) remain the nearest and important targets, and in turn, the bullish interest still rests at 1.1758 - 1.176 - 1.1787 (daily cross levels + weekly short-term trend).

The pair continues to remain in the correction zone in the smaller time frames. The center of attraction for the second day is the central pivot level (1.1730). The next major upward target for the lower periods is now at 1.1753 (weekly long-term trend). The breakdown and consolidation, as well as the subsequent reversal of the moving average, will change the current balance of forces.

Today, the resistances of the classic pivot levels are set at 1.1744 - 1.1764 - 1.1778. If the downward trend (1.1700) recovers, new bearish activity can be expected. Inside the day, there are 1.1696 and 1.1676 (supports of classic pivot levels) on the bears' path today.

GBP/USD

Some slowdown was observed yesterday, but today, the bears updated their lows. If they manage to maintain activity and continue to decline, then the nearest minimum extremes of the past - 1.3601 and 1.3571 can be considered as the next downward pivot points. The previously broken levels of 1.3699 - 1.3720 (the final line of the daily golden cross + the upper border of the weekly cloud) continue to act as immediate resistance today.

The central pivot level could serve as a limitation of yesterday's upward correction in the smaller time frames. The low has been updated, but the movement is now opposed by the first support for the classic pivot levels S1 (1.3634). Further supports S2 (1.3611) and S3 (1.3582) may be useful. If the bulls take the lead again then the first thing they need to do is to conquer the central pivot level of the day, which is at 1.3663. After that, the key path for the upward correction will be directed to the resistance of the weekly long-term trend (1.3739). The intermediate resistances, in the form of classic pivot levels, can now be noted at 1.3686 - 1.3715 - 1.3738.

***

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.