EUR/USD

Higher time frames

The movement has not developed into a proper trend yet. The pair is holding in a consolidation zone which is formed by two weekly levels: a short-term trend (1.0642) and the Fibo Kijun line (1.0787). An attempt to break through these levels and settle there will help eliminate instability and uncertainty and pave the way for new targets. The next targets for bulls are the weekly medium-term trend (1.0922) and the upper boundary of the daily Ichimoku Cloud. The cancellation of the daily Golden Cross pattern (1.0620 -1.0568 -1.0516) reinforced by the monthly level of 1.0539 may be an important change for bears.

H4 - H1

Uncertainty on higher time frames often leads to changing targets on lower ones. At the moment, bears are in control of the market as the pair is trading below the key levels located at 1.0710 (central Pivot point + weekly long-term trend). At the moment, the pair is testing the first support of the classic Pivot points at 1.0669. Further targets can be the levels of 1.0642 (S2) and 1.0601 (S3). If bulls intensify their activity, the main targets for the day will be the resistance found at the classic pivot levels (1.0737 – 1.0778 – 1.0805).

***GBP/USD

Higher time frames

The pound is consolidating within the levels of the daily Golden Cross formed between 1.2471 and 1.2548. The final levels of the cross (1.2350 - 1.2410) will serve as the nearest downward targets in case of a decline. The main upward targets are still located in the area of 1.2652 - 1.2678 (weekly short-term trend + lower boundary of the monthly Ichimoku Cloud) and 1.2764-84 (weekly Fibo Kijun line + lower boundary of the daily cloud).

H4 - H1

On lower time frames, sellers were able to maintain their strong position. They have recently formed a downward target, aiming to break below the Cloud on H4. The levels of 1.2368-98 on H4 and support at the pivot levels of 1.2477 – 1.2426 – 1.2376 serve as the main goals for bears today. On lower time frames, downward targets are found around 1.2527-39 (central daily Pivot level + weekly long-term trend). If the price consolidates above this range, the market balance will change. Upward targets are located at the resistance of the pivot points of 1.2578 - 1.2628 - 1.2679.

***Technical analysis was based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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