FX.co ★ EUR/USD and GBP/USD: Technical analysis for December 14

EUR/USD

Higher Timeframes

Bulls continue to recover their positions. By now, they have already updated the high of last week. If they manage to maintain and continue the achieved levels, we will soon see another attempt to test the final level of the death cross of the weekly Ichimoku cloud (1.0960) and the first target of the day (1.1004). The main task in this chart segment will be to achieve 100% of the target (1.1065). The levels passed yesterday at 1.0863 - 1.0823, where daily, weekly, and monthly levels converge, may exert attraction, and on lower timeframes, they will now serve as supports.

H4 – H1

On lower timeframes, bulls, having held and consolidated above the weekly long-term trend, have started to develop their advantages. Today, their targets include resistances of classic pivot points (1.0923 – 1.0971 – 1.1046) and an upward target for breaking the H4 cloud (1.1018 – 1.1051). If the bears returns to activity and insists on corrective decline, the most important for them will be a return to key levels, which are currently located at 1.0848 (central pivot point of the day) and 1.0786 (weekly long-term trend). Further support within the day may be provided today by classic pivot points (1.0725 – 1.0677), and the technical situation in the market will be better re-evaluated.

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GBP/USD

Higher Timeframes

Bulls are trying to push off from current supports and recover enough to regain the opportunity to develop an ascent. The supports, attraction, and influence, at the moment, are 1.2523 – 1.2588 – 1.2611 (daily levels + weekly medium-term trend + monthly short-term trend). The upward targets are the final level of the death cross of the weekly Ichimoku cloud (1.2719) and the target for breaking the daily cloud (1.2738 – 1.2816).

H4 – H1

On lower timeframes, the advantage belongs to bulls. They are currently striving to enter the bullish zone relative to the H4 cloud and form an upward target. In addition, for the development of the upward movement, good prospects today are the resistances of classic pivot points (1.2664 – 1.2716 – 1.2798). The key levels are currently joining forces in the range of 1.2582-63 (central pivot point of the day + weekly long-term trend) and are waiting for the market in case of another change in priorities and sentiments.

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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)