Technical analysis recommendations for EUR/USD and GBP/USD on May 6
Economic calendar (Universal time)
Today, the following data may attract attention in the economic calendar:
12:15 change in the number of people employed in the non-agricultural sector (USA);
14:30 stocks of crude oil (USA).
EUR / USD
Having descended under the support of the daily Ichimoku cross, the downside players almost leveled all the achievements of the previous week. Historical support of 1.0778 is ahead; the next minimum for bears will have a minimum extremum of 1.0727. In the case of players recovering positions on increasing, the passed levels of the daily cross (Tenkan 1.0873 + Kijun 1.0883) are now the nearest resistances, further 1.0965-79 (weekly Fibo Kijun + lower border of the daily cloud) remain important.
The players to decline continued to go down yesterday due to the fact that they managed to support the weekly long-term trend. At the moment, the advantages on the side of the players to decline are supported by all the analyzed technical instruments. We observe the development of a downward trend. On the other hand, the intraday supports are the classic Pivot levels S1 (1.0800), S2 (1.0763), S3 (1.0700). The key resistance of the lower time frames that can change the current distribution of forces are located today at 1.0863 (central Pivot level) and 1.0903 (weekly long-term trend).
GBP / USD
Yesterday, the pair closed the day once again below the key zone of attraction (1.2450 - 1.2540). Today, players to decline are trying to break through the support of the daily cross (1.2406 - 1.2349) and leave the area of influence of the 1.2450 - 1.2540 zone. The following supports remain at 1.2305 (upper border of the daily cloud + weekly Tenkan) - 1.2214 (Fibo Kijun) - 1.2126 (lower border of the daily cloud).
Yesterday, the key resistance in the lower halves did not allow bullish prospects and moods to return. As a result, the downward trend players managed not only to continue the downward reversal, but also to restore the downward trend. The nearest support on H1 is the final classic Pivot level S3 (1.2343). Meanwhile, the resistances that determine the distribution of forces are today at 1.2444 (central Pivot level) and 1.2476 (weekly long-term trend).
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
