EUR/USD
Higher timeframes
The current week has confirmed the overcoming of the weekly target and the fulfillment of the monthly target for the breakdown of the Ichimoku cloud. Today we close the working week, as well as the month of April. Therefore, the market is now focusing on the formation of the result when testing the level of 100% completion of the monthly target (1.0539). The struggle at the moment is for the length of the lower shadow, which in the short term determines the amount of bearish optimism.
H4 - H1
In the lower timeframes, the pair is in the zone of corrective ascent. Bulls have taken over the central pivot point of the day (1.0511). Next are the resistance of the classic pivot points 1.0551 – 1.0604 – 1.0644 and the key level that strengthens the entire defense is the weekly long-term trend (1.0645). Consolidation above will require a new assessment of the situation since the breakdown and reversal of the moving average can change the current balance of power and outline new prospects. When the correction is completed and the downward trend is restored, the relevance will return to the support of the classic pivot points, which today can be noted at 1.0458 – 1.0418 – 1.0365.
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GBP/USD
Higher timeframes
April continued its decline and led to a test of the final support of the monthly Ichimoku cross (1.2495). Today is the end of the week and the month, thus the results will be interesting. The formation of a daily rebound, as well as the appearance of long lower shadows on the weekly and monthly candles, will create conditions for slowing down the current decline and restoring bullish positions.
H4 - H1
In the lower timeframes, there is an active upward movement. Bulls have seized the central pivot point (1.2478) and tested the first resistance (1.2545). The next important reference is the weekly long-term trend of 1.2637. Consolidation above and reversal of the moving average can change the current balance of power. In case of exit from the correction zone (minimum extremum 1.2410), attention will shift to supports, which today can be noted at 1.2386 – 1.2319 – 1.2227 (classic pivot points).
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In the technical analysis of the situation, the following are used:
higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)