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FX.co ★ Technical analysis recommendations of EUR/USD and GBP/USD on September 29

Technical analysis recommendations of EUR/USD and GBP/USD on September 29

EUR/USD

Technical analysis recommendations of EUR/USD and GBP/USD on September 29

The advantages remain on the bears' side, who continue to decline today. The support level is currently being tested at 1.1664 (previous minimum extremum). In case of breakdown and sharp consolidation, the following levels of 1.1602 (minimum extremum of the past) - 1.1562 (upper border of a monthly cloud) - 1.1538 (lower border of a weekly cloud) will appear below the range of the pivot points. The level of 1.1695 broken the day before can now act as a resistance. The next resistance is the daily short-term trend of 1.1723.

Technical analysis recommendations of EUR/USD and GBP/USD on September 29

The bears on the smaller timeframes enjoy the support of all analyzed instruments, thus developing a downward trend. At the moment, the issue of overcoming the first support level of the classic pivot levels (1.1666) is being resolved. After that, we can consider the next supports of 1.1649 (S2) and 1.1631 (S3). In turn, the key resistance levels today maintain their positions at 1.1684 (central pivot level) and 1.1709 (weekly long-term trend).

GBP/USD

Technical analysis recommendations of EUR/USD and GBP/USD on September 29

Following the results of yesterday, the bears made a loud request to break the lows of the previous two months (1.3571 - 1.3601), which will contribute to the further preservation and strengthening of the bearish mood. The following downward pivot points are now located far enough from the price chart in the area of 1.3165-56 (the lower limit of the weekly cloud + monthly Fibo Kijun), so no special obstacles from the higher timeframes are expected in the near future. The end of the month is nearing, so it is important for players to keep the achieved result in the days remaining until the close of September.

Technical analysis recommendations of EUR/USD and GBP/USD on September 29

The bears currently have an advantage in the smaller time frames, whose current decline is forming new lows. The support for the classic pivot levels, which are the main intraday pivot points, are set at 1.3463 - 1.3394 - 1.3267. The key levels in the same timeframe are acting as resistances and are at 1.3590 (central pivot level) and 1.3657 (weekly long-term trend).

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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