EUR/USD
The inability of the bulls to break through the resistance level of 1.1602 allowed its rival to take the lead, completing the rally and restoring the downward trend. At present, we are observing interaction with the unification of monthly support levels in the area of 1.1492 - 1.1474 - 1.1447 (monthly Ichimoku cloud + monthly medium-term trend). Based on the result of this interaction, it will be possible to determine the prospects for the development of the situation in the higher timeframes.
The bears have the full advantage in the smaller timeframes, who are busy developing a downward trend. The downward targets are the supports of the classic pivot levels, which are set at 1.1437 - 1.1396 - 1.1317 today. If an upward correction develops, the relevance will return to resistance levels. In the current situation, the nearest resistances and reference points of correction form the key levels of 1.1516 (central pivot level) and 1.1556 (weekly long-term trend) in the same timeframes.
GBP/USD
The pound and the euro ended their corrective growth yesterday, limited by the historical levels of 1.3571 - 1.3601. After that, it updated the September minimum extreme (1.3411). The extremum now can have an attraction and its effect on the movement. A sharp breakdown of the level of 1.3411 opens up opportunities for the bears to decline to the pivot point of 1.3164-56 (monthly Fibo Kijun and the lower border of the weekly cloud). It should be noted that there are no other obstacles towards the higher intervals.
A downward trend is currently developing in the smaller timeframes. All the analyzed technical tools support the bears. The supports of classic pivot levels (1.3345 - 1.3289 - 1.3179) serve as downward benchmarks. In turn, the development of an upward correction will return the relevance to the resistances. The nearest resistances today are the key levels in the smaller timeframes – the central pivot level (1.3455) and the weekly long-term trend (1.3510).
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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.