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FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on January 8

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Forex Analysis:::2020-01-08T09:10:28

Technical analysis recommendations for EUR/USD and GBP/USD on January 8

EUR / USD

Technical analysis recommendations for EUR/USD and GBP/USD on January 8

The pair remains within the past movement despite the activity of the players on the upside at the beginning of the week. There is no need to talk about long-term bullish prospects, until there is a successful exit beyond the previous weekly candle and consolidation above (1.1240). The nearest support zone is currently unchanged and is still located in the range 1.1155-44 (daily and monthly Tenkan) - 1.1130-11 (weekly Fibo Kijun + Tenkan + daily Kijun). Yesterday's testing led to the formation of a daily long lower shadow again, however, the problem of overcoming this support zone continues to remain for players to lower the main one.

Technical analysis recommendations for EUR/USD and GBP/USD on January 8

On lower time frames, the advantage belongs to the players on the downside. Key resistances that can change the balance of power and influence further preferences are currently at 1.1161 (central Pivot level) and 1.1179 (weekly long-term trend). At the same time, the reference points for continuing the decline within the day are the support of the classic pivot levels, which are located at 1.1125 (S1) - 1.1097 (S2) - 1.1061 (S3) today.

GBP / USD

Technical analysis recommendations for EUR/USD and GBP/USD on January 8

The pound continues to remain in the zone of attraction 1.3121-96, where many important and strong levels have accumulated - the daily cross, the weekly short-term trend, and the monthly medium-term trend. Now, consolidation above and reliable exit beyond the limits of the last week (1,3284) will allow to consider the possibilities for strengthening the bullish moods. The following resistances in this case are located at 1.3314 - 1.3452 - 1.3514 (weekly levels + maximum extreme). Moreover, developing under the zone of attraction (1.3121) gives preference to bears. Their interest in this will consist in reducing and testing the fortified support zone in the region of 1.2920 - 1.2882 (weekly cloud + monthly Fibo Kijun + upper border of the daily cloud).

Technical analysis recommendations for EUR/USD and GBP/USD on January 8

Analyst InstaForex
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