EUR/USD
Higher time frames
Yesterday, the pair retested the daily high but failed to move further. So, now the pair is moving sideways. The nearest resistance level is located at the crossing of the upper boundary of the weekly Ichimoku Cloud (1.0931) and the monthly medium-term trend (1.0943). A firm hold above this range will allow the price to move higher. The support levels of the Ichimoku Cross have changed their positions and are now located at 1.0763 – 1.0733 – 1.,0685 – 1.0637. The daily support area is formed by the accumulation of monthly (1.0611) and weekly levels (1.0555 – 1.0546).
H4 – H1
The uncertainty of higher time frames is well reflected on lower ones. The pair is hovering near the key levels around 1.0819 (weekly long-term trend + central pivot level). Trading above these key levels will strengthen the bullish bias. A decline below this range will indicate the prevalence of the bearish trend. The downward targets for bears today are found at the standard support pivot levels of 1.0744 – 1.0694 – 1.0623. In case of an uptrend, the targets are seen at 1.0865 – 1.0936 – 1.0986 (resistance of standard pivot levels).
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GBP/USD
Higher time frames
Yesterday, the buyers managed to push the price up to the benchmark area of 1.2457 (lower boundaries of the weekly and monthly cloud). Yet, bulls failed to reach the resistance. So now the mark of 1.2457 serves as the main resistance level, and its breakout will pave the way for higher targets. At the moment, the price got stuck at the monthly medium-term trend located at 1.2302 which is limiting the upside potential of the pair. Below, we can see the support levels formed by the daily Ichimoku Cross (1.2259 – 1.2208 – 1.2138).
H4 – H1
In an attempt to reach the highs, the pair broke above the H4 Ichimoku Cloud and left this area. Today, the pair has returned below the central pivot level of 1.2344 and is trading close to it. The further trajectory of the pair will be determined when the price tests the key level on lower time frames – the weekly long-term trend at 1.2246. Consolidation below his level and the reversal of the moving average can change the market balance. If so, the main targets for bears will be the levels of 1.2163 and 1.2071 (support of standard pivot levels). If bulls manage to continue the uptrend, their intraday targets will be found at the resistance of the standard pivot levels of 1.2433 – 1.2525 – 1.2614.
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Technical analysis is based on:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 – Pivot Levels (standard) + 120-day Moving Average (weekly long-term trend)