EUR/USD
Larger timeframes
The euro bears updated a low, striving to enter the daily cloud of 1.0675. If EUR/USD settles in the cloud and passes the one-month support at 1.0611, the door will be open for a decline towards an important one-week area of 1.0478 – 1.0641. The zone of the nearest resistance is now formed by short-term trendlines on the daily timeframe (1.0726) and weekly timeframe (1.0758).
H4 – H1
At the moment, the bears are setting the tone in smaller timeframes. The bears are now trying to push the price beyond the H4 cloud at 1.0662. The lower downward intraday targets could be recognized at 1.0644, 1.0616, and 1.0576 which are support levels of classic pivot levels. The key levels of smaller timeframes today are forming the resistance area of 1.0684 – 1.0703 represented by the central pivot level and a one-week long-term trendline. If the price settles above it, this could change the ongoing balance of trade forces.
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GBP/USD
Larger timeframes
The bears updated a low of 1.0960 and insist on a further decline. The lower bearish targets are now identified in the area of 1.1842 and 1.1795 represented by a one-month level and the lower border of the daily cloud. An intraday and weekly levels of 1.2093 – 1.2105 – 1.2144 left behind are currently forming the nearest resistance zone.
H4 – H1
On smaller timeframes, the bears pushed the price below the psychological level of 1.2000 and updated a low. For the time being, the bears are holding the upper hand for GBP/USD. Intraday targets are now seen at 1.1942 – 1.1898 – 1.1833 represented by classic pivot levels. After the instrument passes the key resistance levels which are found at today 1.2007 (the central pivot level) and 1.2080 (a one-week long-term trendline), traders could revise their sentiment and the bulls could enter the market again, taking the lead.
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This technical analysis is based on the following ideas:
Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 – classic pivot points + 120-period Moving Average (weekly long-term trendline)