FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for April 12, 2022

EUR/USD

Yesterday's results show that the potential remained on the side of the bears. Among the nearest significant reference points in the bearish direction are 1.0806 (minimum extremum + 100% completion of the weekly target) and the area of 1.0788 – 1.0828 (target for the breakdown of the H4 cloud). Further attention will be directed to the implementation of the monthly target for the breakdown of the Ichimoku cloud (1.0721 – 1.0539).

If the bulls fail to strengthen their sentiment in the long run, then this will lead to a new round of corrective upward trend development. In this case, on the way to the weekly short-term trend (1.1101), bulls will need to break the resistance of the daily Ichimoku cross (1.0970 – 1.1011 – 1.1052).

Yesterday's attempts at the lower timeframes to overcome the resistance of the key levels for bulls were not successful. Today, these levels are consolidating their efforts in the area of 1.0896–94 (central pivot point + weekly long-term trend). Consolidation above and reversal of the moving average can change the current balance of power. Further upward references will be the resistance of the classical pivot points (1.0920 – 1.0956 – 1.0980). For bears, the support of the classic pivot points (1.0860 – 1.0836 – 1.0800) is important today.

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GBP/USD

Yesterday marked uncertainty. All the previously announced targets retain their location today. The nearest bearish reference is the lower boundary of the monthly cloud (1.2952). To rise to the significant bullish reference at 1.3164 (monthly Fibo Kijun), it will also be necessary to overcome the resistance of the daily Ichimoku death cross (1.3078 - 1.3102 - 1.3140 - 1.3177).

Interaction with key levels continues at lower timeframes, which today are located at 1.3023 (central pivot point) and 1.3057 (long-term weekly trend). Consolidation above key levels can change the balance of power and set a new trend. Working below the level retains the advantage of the bears. Supports during intraday decline can be 1.2990 – 1.2955 – 1.2922 (classic pivot points).

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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)