EUR/USD

Higher time frames

Yesterday, bulls continued to develop an upward correction. At the moment, the price is testing the final levels of the daily Death Cross pattern at 1.0642 – 1.0712. Then, the market will focus on reaching weekly resistance levels of 1.0767 - 1.0787 (short-term trend + Fibo Kijun). The nearest key support zone for bears consists of a combination of several levels, with the main target set at the breakout of the Ichimoku Cloud at 1.0539.

H4 - H1

The euro/dollar buyers headed for higher levels which allowed them to easily overcome the target on H4. On today's intraday chart, upward targets are located in the area of 1.0738 - 1.0786 - 1.0875 (resistance of the classic Pivot points). The key levels on lower time frames, located at 1.0649 (daily central Pivot point) and 1.0569 (long-term weekly trend), are currently acting as support. These levels help maintain the bullish scenario. Consolidation of the price below this area may change the situation in favor of bears and create new downside targets.

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GBP/USD

Higher time frames

The pound/dollar bulls continue to develop an upside correction. They have a fairly strong key resistance zone ahead of them, which is formed within the range of 1.2622 - 1.2764 on various time frames. The main task of the buyers in the near term is to test this zone and break through it. Otherwise, they won't be able to settle in this area and gain new prospects. Valid support can be found today at the levels of the daily Ichimoku Cross that the price has already tested at 1.2512 (Fibo Kijun + short-term trend at 1.2378).

H4 - H1

On lower time frames, bulls are in control of the pair. By now, they have reached the target on a breakout of the Ichimoku Cloud at 1.2598 - 1.2647 on H4 and are busy testing it. Other upward targets today are found at 1.2631 - 1.2678 - 1.2756 (classic Pivot points) on the intraday chart. In the current situation, the key levels serve as support, protecting the bullish trend at the borders of 1.2553 (central Pivot point) and 1.2477 (long-term weekly trend). The loss of these levels and the reversal of the moving average can change the current balance in the market and mark the end of the upside correction on higher time frames.

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)