FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on September 11

EUR / USD

The pair continues to work within the monthly cloud, so the lower border of the cloud, located at 1.1740, is still the closest current support. If this level is broken through, players on the downside will immediately face the next strengthened border - 1.1650-70 (weekly short-term trend + daily cloud). On the other hand, the daily cross is currently acting as a resistance, exerting attraction and preventing the active recovery of bullish positions. The accumulation of levels of the daily Ichimoku gold cross is located today within 1.1896 - 82 - 61 - 26. A consolidation above may return the players' plans to rise, restore the upward trend (1.2011) and continue the rise to the upper border of the monthly cloud (1.2167).

In the lower halves, the pair is currently between two key levels: 1.1816 - 44 (central pivot level + weekly long-term trend). However, there is no clear preponderance of forces at the moment, so working above levels gives advantages to players to increase. Today, their reference points inside the day are the classic pivot levels R1 (1.1887) - R2 (1.1960) - R3 (1.2003). Breaking through below will increase the bearish sentiment. Thus, the main task will be to restore the downward trend (1.1753 minimum extreme), then support will be provided by S2 (1.1728) and S3 (1.1655)

GBP / USD

The weekly short-term trend was left behind. The pair entered the daily cloud and reached the next strengthened support zone of 1.2794-1.2690 (weekly cloud + weekly Fibo Kijun + monthly Fibo Kijun + lower limit of the daily cloud). Such an increased accumulation of support levels will most likely contribute to deceleration and consolidation. Perhaps, such a meeting will provoke the development of a daily upward correction. Today, the pivot points for the correction will be the levels 1.29 (the upper border of the daily cloud), 1.2980 (weekly Tenkan) and the daily cross, passed earlier. The breakdown of the met support zone (1.2794 - 1.2690) will open new prospects for the downward movement and can serve as a good strengthening of further bearish sentiments.

At the moment, the pair is in the zone of an upward correction, the depth of which does not yet raise doubt on the full and large-scale superiority of the bearish players. On the other hand, the reference points for the continuation of the downward trend within the day are the support of the classic pivot levels at 1.2704 - 1.2607 - 1.2441. The development of an upward correction and adjustments to the current balance of power can be expected in case of breaking through the resistances of the key levels of the lower halves, which are located today at 1.2870 (central pivot level) and 1.3054 (weekly long-term trend). Meanwhile, the nearest resistance can be noted at 1.2967 (R1).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (Classic), Moving Average (120)