FX.co ★ EUR/USD and GBP/USD: Technical analysis for November 17

EUR/USD

Higher Timeframes

The week is closing, and the outcome is of interest. For bulls, it is crucial to maintain the achieved results, which may be possible through the current slowdown, consolidation, or even cunningly closing the week above the encountered resistances at 1.0862 – 1.0868, combining strong levels of weekly and monthly timeframes. In the current situation, bears prefer a maximally long upper shadow of the weekly candle, so today, they will strive to develop a corrective decline, heading towards the accumulation of supports in the area of 1.0743 – 1.0776 (daily and weekly levels).

H4 – H1

On lower timeframes, the central pivot point of the day (1.0860) continues to be the center of attraction. Despite being in the correction zone, the main advantage currently belongs to the bulls. The targets for the development of bullish sentiments within the day are located at 1.0888 – 1.0925 – 1.0953 (classic pivot points). In case of bearish activity and deepening corrective decline, intraday supports may come into play at S1 (1.0823) and S2 (1.0795), but the key importance still lies with the support of the weekly long-term trend (1.0779). This level is responsible for the current advantage and balance of power distribution. In case of a secure consolidation below 1.0779 and a reversal in momentum, the situation and prospects should be reassessed.

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GBP/USD

Higher Timeframes

Bearish players closed yesterday with a candle of uncertainty, failing to continue the downward correction on the daily chart effectively. The upper boundary of the daily cloud (1.2425) continues to exert a certain influence on the market, with resistances above 1.2458 – 1.2471 – 1.2505 (weekly Fibonacci Kijun + monthly short-term trend + monthly Fibonacci Kijun). The nearest support area today remains the consolidation of daily and weekly levels at 1.2325 – 1.2346.

H4 – H1

On lower timeframes, bulls maintain their advantage. The pair has been in the attraction and influence zone of the central pivot point (1.2413) for a long time. Intraday bullish targets today can be marked at 1.2451 – 1.2492 – 1.2530 (classic pivot points). Among the bearish targets, the support of the weekly long-term trend (1.2348) continues to play a crucial role. A firm break below and a reversal in momentum can change the current balance of power. Further intraday supports may come into play at S2 (1.2334) and S3 (1.2293).

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The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)