FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD for August 13

EUR/USD

The week ends. The deceleration in the area of the monthly level (1.1695) remains. So far, neither side has been able to formalize its clear advantage, so the conclusions and expectations in this situation remain the same. The activity of the bulls and the implementation of the rebound will direct the movement to the resistances of the daily Ichimoku Cloud, the levels of which can currently be indicated within 1.1784 - 1.1808 - 1.1831. A breakdown of the support (1.1695) and consolidation below will contribute to testing the zone of influence of the next minimum extreme, located in the area of 1.16.

The struggle for the main advantage on the lower timeframes has dragged on. Bulls have been using the support of the central pivot point (1.1734) for a long time, but, nevertheless, they cannot overcome the resistance of the weekly long-term trend (1.1741). The breakdown and reversal of the moving average will help the bulls and further strengthen their moods, testing new targets, which can be noted at 1.1758 (R2) and 1.1767 (R3) within the day. Supports for classic pivot points are now located at 1.1719 - 1.1710 - 1.1695.

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GBP/USD

Upon closing yesterday below the supports 1.3851 - 1.3830- 1.3825 (weekly Tenkan + Fibo Kijun + daily Fibo Kijun), the pound managed to realize what it failed the day before. Today, we are closing the week. In order to preserve and strengthen their capabilities, it is desirable for bears to hold their achieved positions and indicate the breakdown of levels on a weekly timeframe. The following supports are located at 1.3777 (daily Kijun) - 1.3728 (daily Fibo Kijun) - 1.3690 (monthly Tenkan).

In the lower timeframes, the weekly long-term trend yesterday was able to limit the upward correction and defend the interests of the bears. Thanks to this, the downward trend has been restored. The bearish targets within the day today are at 1.3773 - 1.3742 - 1.3689 (supports for the classic pivot points). The key levels are currently joining forces in the area of 1.3849-26 (central pivot point + a weekly long-term trend). A consolidation higher will change the balance of forces acting on H1.

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In the technical analysis of the situation, the following are used:

higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)