FX.co ★ Technical recommendations for EUR/USD and GBP/USD on November 19

EUR / USD

The bulls failed to attack the resistance area 1.1881 - 1.1929 (historical level + 100% target development for the breakdown of the H4 cloud) again and so, it retained its value. Now, the pair declined to the support level of the daily Tenkan (1.1833). If the bulls lose their daily short-term advantage, a decline will follow to the area of the daily cloud (1.1812 - 1.1761), which is strengthened by the weekly short-term trend.

There is a struggle for the weekly long-term trend (1.1843) in the smaller time frames. The loss of two such important support levels at once, such as the daily short-term trend (1.1833) and the long-term trend on H1 (1.1843), can force players to yield their prospects for a long time. The next supports for the classic intraday pivot levels are located at 1.1822 and 1.1796. On the other hand, it is important for the bulls to hold their positions to the level of 1.1843 (weekly long-term trend) and 1.1864 (central pivot level) in order to restore their positions and advantages.

GBP / USD

The resistances in the area of 1.3312-50 (high + lower limit of the monthly cloud) have retained their value and location. It is unlikely to update last week's high (1.3312), and so, pair is trading in the zone of the all-time level of 1.32 again, where the daily short-term trend (1.3209) is also located. A consolidation below which will change the balance of forces and open the way to important supports in the area of the daily cloud 1.3077 (upper limit + daily Kijun) - 1.2990-20 (lower limits + weekly levels). We can note the nearest support level at 1.3137 (daily Fibo Kijun).

At the reversal of the all-time level of 1.32, an important support for the smaller time frames, led by the weekly long-term trend (1.3209) is currently fixed. The level's strength can now keep the pair in the influence zone for quite a long time, allowing some movement in this time frame.

Nevertheless, a consolidation below and a reversal of the moving average will form an advantage on one-hour TF to strengthen the bearish mood. The next downside goals are 1.3167 (S3) and 1.3108 (low extreme). If the bulls manage to rebound from the reached support levels and return to the central pivot level (1.3273), options to restore their positions will be considered. Their main task will be to update the low (1.3312).

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