EUR/USD
The downward movement was delayed, as the bulls were busy recovering their positions yesterday. The impact on the effectiveness of the movement and on the options for the development of events in this area is stimulated by the accumulation of Ichimoku levels, which currently forms an attraction zone and resistance at the limits of 1.2096-71-43 (daily cross) and 1.2064 (weekly Fibo Kijun).
Aside from that, the main priority of the bulls is to break through the weekly short-term trend (1.2150) and the all-time level (1.2170). But if the bearish mood returns, the relevance will turn to the support of 1.1975 (lower limit of the daily cloud + the weekly medium-term trend).
Some technical instruments in the smaller time frames managed to support the bullish interest. However, the resistance of the weekly long-term trend (1.2100) remains to have bearish prospects. A breakout of the MA and its reversal will favor the bulls again. If so, the next task will be continuing the upward trend (1.2169). Today, the resistances of the classic pivot levels are set at 1.2113 - 1.2133 - 1.2172. If a rebound occurs from the weekly long-term trend, the bears will have to recover the central pivot level (1.2074) and manage the attraction area (1.2064-43) in the bigger time frames, and only after that we will consider other intraday targets – 1.2015 (S2) and 1.1995 (S3).
GBP/USD
A daily slowdown, resulting in a slight decline, occurred after the pair reached the resistance (1.3904) of the first target of the weekly target for the cloud's breakdown. Still, the bulls yesterday successfully overcame it and closed the day above. Today is the end of the current week, so we should expect interesting results. Most likely, the preservation (+ possible strengthening) of positions will contribute to the continuation of growth to entirely fulfill the weekly target (1.4181). The nearest supports are set at 1.3904 and 1.3859 (daily short-term trend).
The favor is still on the side of the bulls and so, updating the high (1.3985) will restore the upward trend. We consider the upward targets at 1.4024 (R1) - 1.4077 (R2) - 1.4170 (R3). In turn, the zone responsible for the power balance on H1, located within the range of 1.3931-1.3896 (central pivot level + long-term weekly trend), is now forming. The supports of the classic pivot levels are seen at 1.3878 - 1.3785 - 1.3732.
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The following methods are used in the technical analysis of the situation:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
