FX.co ★ Technical analysis recommendations of EUR/USD and GBP/USD on September 30

EUR/USD

The bears showed themselves yesterday through the scale of their decline, so they might take a break today. Based on the results of the decrease, the borders of the previous minimum extremum (1.1602) were reached. The breakdown of the level and the continuation of the decline will lead the euro to the support zone, which united the upper border of the monthly cloud (1.1562) and the lower border of the weekly Ichimoku cloud (1.1538). The next bearish prospects will depend on breaking through this support area. We are closing the month today, so it is important for the bears to maintain their reached positions.

The encounter with the support level of 1.1602 in the smaller timeframes led to a corrective slowdown. Updating the low and resuming the downward trend will return the relevance to the downward targets of the hourly chart, which are now set at 1.1561 - 1.1526 - 1.1461 (classic pivot levels).

On the other hand, the formation of a rebound from the encountered support (1.1602) will lead to the development of an upward correction. Its main pivot points in the same timeframe are located at 1.1626 (central pivot level) and 1.1690 (weekly long-term trend). The nearest resistance can be noted around the level of 1.1661 (R1 classic pivot levels).

GBP/USD

Bearish traders managed to maintain their activity yesterday by further declining. This is partly due to the lack of obstacles in their path. Today, September will be closed. There is a high possibility that the bears will be able to close below the lows of previous months (1.3571 - 1.3601), while maintaining good prospects for the near future. The downward pivot point, towards which the interests of the bears are directed, is currently at the area of 1.3156 - 1.3165 (monthly Fibo Kijun + the lower border of the weekly cloud).

The pair is in the correction zone of the smaller timeframes at the time of analysis. The implementation of the upward correction led the pound to the resistance of the central pivot level (1.3463). The breakdown and consolidation above will add confidence to the bulls. In this case, the next key pivot point of the ongoing correction will be the weekly long-term trend (1.3617). At the same time, the nearest resistance can be noted at 1.3514 (R1 classic pivot level). It should be noted that continuing the decline will cause the pair to slow down at the supports of the classic pivot levels set at 1.3371 - 1.3320 - 1.3228 today.

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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.