FX.co ★ Technical analysis recommendations of EUR/USD and GBP/USD on November 23, 2021

EUR/USD

The pair continued to decline by using last week's potential. It should be noted that consolidation and development of bearish moods will allow us to hope for the implementation of the weekly target for the breakdown of the Ichimoku cloud (1.0960 - 1.0806). The attraction and influence in this area continue to be provided by the monthly support of 1.1290, while the daily short-term trend (1.1357) is acting as the next upward pivot point and resistance.

The current main advantage in the smaller timeframes remains on the bearish side. However, the changes have already begun. The bulls implemented an upward correction. The central pivot level (1.1253) is ready to readjust to help the bulls. Further, the breakdown and reversal of the weekly long-term trend (1.1307) will play the most important role in the formation of bullish interests. This resistance can change the balance of power in the same timeframes. If the level of 1.1307 is broken, the pivot point will be 1.1337 (R3 of the classic pivot levels). The supports of the classic pivot levels are set at 1.1213 - 1.1191 - 1.1151 today.

GBP/USD

The bears are trying to take over the situation. The recovery of the downward trend will occur after the update and consolidation below the minimum extreme (1.3352). As a result, the next downward pivot point will be the support of the lower border of the weekly cloud (1.3248). If the bulls try to return to the market, the historical level (1.3411) and the daily short-term trend (1.3432) will serve as resistances (attraction).

The bearish traders in the smaller TFs continue to trade below key levels, which allows them to maintain an overall primary advantage. Today, the key levels are located at 1.3410 (central pivot level) and 1.3448 (weekly long-term trend). A consolidation above will change the current balance of power in favor of the bulls. The next upward targets here will be the resistances of the classic pivot levels 1.3479 (R2) and 1.3505 (R3). But if the decline continues, it is necessary to break through the support levels of 1.3367 - 1.3341 - 1.3298 (classic pivot levels) to strengthen the bearish mood in the hourly chart.

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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.