EUR/USD
Larger timeframes
Despite consolidation and uncertainty, the bulls have become active again with the opening of a new trading week and are pushing the price up. If the high of the current correction at 1.1076 is updated and the price firmly settles above it, this will open the way to the monthly resistance at 1.1221. If the bullish activity is lost, EUR/USD will return to the support of the daily short-term trend, located today at 1.0993, and to the daily consolidation zone. Further, the instrument will carry on with its decline and the bearish interest will be directed to the monthly medium-term trend at 1.0901.
H4 – H1
Having bounced off the support zone of key levels on smaller timeframes yesterday, the bulls began the rise and recovery of positions. As a result, the current bullish targets are spotted at 1.1076 – 1.1105 – 1.1160 (resistances of the classical Pivot levels). The key supports of the smaller timeframes today embrace a rather wide zone, providing opportunities for the development of a correction within the range of 1.1021 (central Pivot level of the day) to 1.0981 (weekly long-term trend). The loss of key levels can change the current balance of trading interests again. The more realistic scenario is strengthening bearish sentiment.
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GBP/USD
Larger timeframes
Yesterday, the bulls managed to close the day above the resistance of the daily short-term trend (1.2449). Today, they are once again testing the resistance of the first target of the daily goal for the breakout of the Ichimoku cloud (1.2502). The next important stage for a further rise is the full execution of the goal for the cloud breakout (1.2580). If the bulls lose the support of the short-term trend (1.2449) again, the bears will seek to liquidate the daily golden cross (1.2400 – 1.2361 – 1.2311) and return to the support of the monthly medium-term trend (1.2302).
H4 – H1
At the moment, the main advantage on the smaller timeframes belongs to the bulls, but GBP/USD is in the correction zone and has begun testing the support of the central Pivot level of the day (1.2458). The next downward target is the key level: the weekly long-term trend (1.2438). Losing key supports will change the current balance of trading interest in favor of strengthening the bearish sentiment. In this case, the intraday supports of the classical Pivot levels (1.2432 – 1.2382 – 1.2356) will serve as the next targets for the decline. If, however, the bulls manage to complete the correction and continue the rise, bouncing off the key supports, their attention and interest today within the day will be directed to 1.2508 – 1.2534 – 1.2584 (resistances of the classical Pivot levels).
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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)