EUR/USD
Higher Timeframes
The decline of the previous working week continues, managing to consolidate below the monthly medium-term trend (1.0722). Therefore, the road to the broad support zone of 1.0578 – 1.0530 – 1.0500 – 1.0447, which combines the target benchmarks of different timeframes of higher timeframes, is now open for the bearish players. In case of another upward correction, the immediate target is to return to the bullish side of the monthly medium-term trend (1.0722), after which the question of eliminating the daily death cross will arise, with its final levels today located at the levels of 1.0796 – 1.0835.
H4 – H1
The main advantage on the lower timeframes belongs to bearish players; however, the pair has been in an upward correction zone for a long time. At the moment, bulls have managed to establish themselves above the central pivot point of the day (1.0660). The next correction target is the weekly long-term trend (1.0709). Consolidation above and a reversal of the moving average can change the current balance of power in favor of strengthening bullish sentiments. The completion of the correction and the resumption of the downward trend will bring the supports of the classic pivot point back into relevance (1.0632 – 1.0606 – 1.0578).
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GBP/USD
Higher Timeframes
Last week, bearish players began testing a significant target objective—the bearish target for breaking the daily Ichimoku cloud. The first level of the target has now been worked out (1.2394), and the next target level, which will allow for a 100% target achievement, is the level of 1.2311. The nearest resistances on the higher timeframes still remain in the range of 1.2472–77, where short-term trends from the daily and monthly timeframes have joined forces.
H4 – H1
As of writing, a downward trend is developing on the lower timeframes, with the main advantage belonging to bearish players. Intraday bearish targets are the supports of the classic pivot point (1.2356 – 1.2334 – 1.2289). In case of an upward correction, it will be important for bullish players to overcome key levels, which are currently acting as resistances and are located at 1.2401 (central pivot point of the day) and 1.2457 (weekly long-term trend). Consolidation above these levels can change the current balance of power in favor of bullish players.
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The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)