EUR/USD

Higher timeframes Currently, the EUR/USD pair is moving as a result of interaction with the support levels after the weekly target was hit. Wat exactly was broken are the Ichimoku cloud (1.0410 – 1.0497) and the monthly medium-term trend (1.0454).

The daily short-term trend line (1.0472) is also having some influence, as it has also declined into the area of the above-said support levels. The outcome of this interaction (rebound, breakout, or consolidation) will determine the further trajectory of the instrument. Among additional benchmarks today, we can highlight the support of the final level of the monthly dead cross of the Ichimoku cloud (1.0260) and the cluster of resistances in the 1.0636-49-70 range.

H4 – H1 On lower timeframes, the primary advantage is currently on the side of the bears, as the market operates in the bearish zone, below the resistance of the key levels at 1.0485 (central Pivot level) and 1.0509 (weekly long-term trend). A breakout of these levels, stabilization above them, and a trend reversal will change the current balance of power in favor of stronger bullish sentiment. The next upward benchmarks within the day will be the resistances of the classic Pivot levels, which are seen today at the levels of 1.0542 – 1.0587 – 1.0644. If the upward correction ends, bearish players will focus on passing through the support levels of the classic Pivot levels (1.0440 – 1.0383 – 1.0338) within the day.

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GBP/USD

Higher timeframes After reaching the daily target for breaking the Ichimoku cloud (1.2498), testing the weekly cloud (1.2572-87), and entering the zone of monthly support (1.2474), the pound sterling has shown signs of slowing down. If the bulls manage to regain the daily short-term trend (1.2603), the upward correction could gain new momentum and hence, outlook. The expected levels are the nearest resistances of the daily Ichimoku cross (1.2700 – 1.2767). If the bears overcome the encountered supports (1.2498 – 1.2474), the path will be open towards the monthly Ichimoku cloud, the upper border of which is currently at 1.2301.

H4 – H1 On lower timeframes, the market is making another attempt to overcome the key levels now located at 1.2571 (central Pivot level of the day) and 1.2605 (weekly long-term trend). The bullish traders have not yet managed to break the trend and change its slope, so the primary advantage remains on the side of the bearish traders. Additional benchmarks for today can be found at the resistance levels (1.2645 – 1.2679) and support levels (1.2497 – 1.2457) of the classic Pivot levels.

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This technical analysis is based on the following ideas:

Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – classic pivot points + 120-period moving average (weekly long-term trendline)