FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for September 13, 2022

EUR/USD

Higher timeframes

Bulls, yesterday, tested the reference points indicated earlier at the boundaries of 1.0116 - 1.0176 (final levels of the daily cross + weekly short-term trend). The liquidation of the daily Ichimoku death cross (1.0176) and the entry into the daily cloud (1.0203) will allow us to build further plans and consider new upward prospects. The levels passed the day before now form a support area, which today can be defined within 1.0057 - 1.0031 - 1.0000.

H4 – H1

The bulls keep the main advantage in the lower timeframes. Their next intraday upside targets are now at 1.0194 – 1.0266 – 1.0334 (classic pivot points resistance). Despite the overall advantage, the pair is currently in the correction zone, relying on the support of the target broken yesterday on the breakdown of the H4 cloud (1.0128) and the central pivot point (1.0126). The key support is the weekly long-term trend (1.0019), which is responsible for the current balance of power. Its breakdown and reversal will support a change in priority in the movement.

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GBP/USD

Higher timeframes

The development of an upward correction continues. The pair approached the first resistance of a fairly wide zone, which is currently located at the boundaries of 1.1737 (daily Fibo Kijun) - 1.1840–48 (daily medium-term trend + weekly short-term trend) - 1.1943 (the final level of the Ichimoku cross in D1). The passage of this zone will significantly change the current balance of power and open up new targets for bulls. Immediate support now is the previous daily short-term trend (1.1568).

H4 – H1

The advantage at the moment is on the side of the bulls. In the lower timeframes, they continue the development of the upward movement and test the first resistance of the classic pivot points (1.1729). Their further targets within the day are 1.1778 (R2) – 1.1847 (R3). Key levels today act as supports and are located at 1.1660 (central pivot point) and 1.1570 (weekly long-term trend). The breakdown of key levels can lead to a change in the current balance of power.

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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)