EUR/USD
Higher time frames
Yesterday, trading in the euro/dollar market was rather muted. The pair stayed within the daily levels of 1.0709 and 1,0675. Today, the price is trying to leave this range. All the previously mentioned targets remained the same. The main upward target for bulls is the weekly short-term trend at 1.0758. If bears regain control, they will try to test the monthly support of 1.0611.
H4 – H1
Yesterday, the pair failed to overcome the resistance of the weekly long-term trend on lower time frames. Today the key levels are found in the range of 1.0694-87 (central pivot level + weekly long-term trend). These levels act as strong resistance keeping the bearish trend in place. In addition, the standard pivot levels of 1.0653 – 1.0635 act as support. The key target for the sellers in this case will be the low of 1.0613. Its retest will mark the resumption of the downtrend. As for the buyers, the main goal for them today will be to break above the key resistance of 1.0694-87 and head for the next resistance formed by the standard pivot levels at 1.0703 – 1.0721 – 1.0737.
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GBP/USD
Higher time frames
Yesterday, the market froze in anticipation so trading activity was extremely low. This flat movement may continue today as well. In case traders resume activity, the downward targets for bears are still found at 1.1842 – 1.1795 (monthly level + lower line of the daily Ichimoku Cloud). As for the bulls, their main target for today will be the daily levels of 1.2092 – 1.2118 supported by the weekly short-term trend at 1.2144.
H4 – H1
On lower time frames, the pair is still holding near the key levels of 1.2049-35 (central pivot level + weekly long-term trend). Trading below these levels will support the bearish bias. If so, their main downward targets within the day will be the levels of 1.2015 – 1.1993 – 1.1973 (standard pivot levels) and 1.1914 (lowest extremum point). Trading above the area of 1.2049-35 will make the bullish trend stronger. In this case, their main upward targets will become the resistance at the standard pivot levels of 1.2057 – 1.2077 – 2.099.
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Technical analysis is based on:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)