FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for October 11, 2022

EUR/USD

Higher timeframes

The decline continues, although its pace decreased again yesterday. The benchmark for the downward trend is still the low at 0.9536. In case bulls restore their positions, the levels of the daily Ichimoku cross 0.9789 - 0.9867 may provide resistance. Further, the weekly levels 0.9902 - 1.0071 and the psychological level 1.0000 will come into play.

H4 – H1

The main advantage on the lower timeframes belongs to the bears. However, we are seeing a slowdown and a test of the central pivot point (0.9712). If the correction develops, the reference points will be the resistances of the pivot points 0.9743 - 0.9783 - 0.9814, but the main value will be the weekly long-term trend (0.9821). With the continuation of the decline, the support of the classic pivot points are located today at 0.9672 - 0.9641 - 0.9601.

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GBP/USD

Higher timeframes

Attraction and influence of the main levels of the daily Ichimoku cross (1.1046 -1.1128) delayed the development of the movement. The next support in case of strengthening of bearish sentiments can work out at 1.0883 (daily Fibo Kijun). The resistances of this area keep their location in the area of 1.1317 - 1.1400 - 1.1411 (weekly levels + historical level).

H4 – H1

In the lower timeframes, a correction is developing. As of writing, the first resistance (1.1102) of the classic pivot points is being tested. Further, R2 (1.1151) and R3 (1.1193) can be noted, but the result of interaction with the weekly long-term trend (1.1211) will be of primary importance for identifying market preferences. Intraday support today can be noted at 1.1011 - 1.0969 - 1.0920.

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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)