EUR/USD
Higher time frames
For the whole past week, the pair was trading near the monthly support level of 1.0579. The bearish sentiment that was prevailing in February did not continue in the first days of March. At the moment, the pair is holding above the monthly support level, and the daily short-term trend level of 1.0612 also confirmed the bullish trend. In case the bullish bias intensifies further, the pair will be trading in a wide range formed by the resistance levels of daily, weekly, and monthly time frames (1.0724 – 1.0783 – 1.0855 – 1.0903). If the price settles above the extremum point of 1.1033 and retests it, it may then head for new upward targets. On the other hand, if the pair leaves the daily Ichimoku Cloud and enters the selling zone by overcoming the monthly support of 1.0579, it may form a new breakout and move towards the weekly Fibo Kijun level of 1.0461 and the area of 1.0284 – 1.0320 (lower line of the weekly cloud + weekly medium-term trend + monthly short-term trend).
H4 – H1
At the moment of writing, the pair was trading above the key levels on lower time frames. Today, the key levels are found in the narrow range of 1.0621-14 (central daily pivot level + weekly long-term trend). Trading above this area favors the bullish trend. The next upward targets on the intraday chart are seen at 1.0653 – 1.0671 – 1.0703 (standard pivot levels). If bulls lose control of these levels, the market sentiment will change on shorter time frames. If so, traders will focus on the downward targets represented by support levels of 1.0603 – 1.0571 – 1.0553.
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GBP/USD
Higher time frames
The pair remained in the consolidation phase in the course of the previous week. The market uncertainty is still high. The daily short-term trend level of 1.2032 remains the key level for today. To change the market situation, the pair should leave the consolidation zone. Bears may see a way to develop a downward movement if the price settles firmly below the monthly support of 1.1842. In the current conditions, buyers will need to break above the resistance levels of different time frames (1,2100 – 1,2180 – 1,2302)to recover and maintain the current trend.
H4 – H1
On lower time frames, the pair has broken above the key levels of 1.2009-16 (central daily pivot level + weekly long-term trend). More intraday upside targets are located in the area of 1.2079 – 1.2116 – 1.2186 formed by the resistance of standard pivot levels. The support area represented by standard pivot levels can be seen at 1.1972 – 1.1902 – 1.1865. The pair may head this way when the market sentiment changes and the price settles firmly below 1.2009-16.
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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)