EUR/USD
Bears did well last week. They managed to fix their results in just weeks, so the downward movement continues today. The zone, which unites the main downward targets, is now located within the range of 1.1821-1.1762 (target for the breakdown of the daily cloud + monthly short-term trend). Meanwhile, the nearest resistance, as well as the level that exerts attraction and influence, is currently the weekly Fibo Kijun (1.1887). Other resistance levels are the Ichimoku daily cross and the daily cloud, which are also strengthened by weekly levels of 1.1975 - 1.2039 - 1.2064.
There is a downward correction in the smaller time frames. The pair rallied below the resistance of the central pivot level (1.1873). Once the correction and the downward movement is over, the relevance will return to the intraday supports of the classic pivot levels, which are currently located at 1.1815 - 1.1787 - 1.1726. On the other hand, the breakdown of the central pivot level (1.1873) will give the bulls new opportunities to restore their positions. Their main benchmark will be the weekly long-term trend. In order to reach this pivot point, a deep upward correction is involved, since the level is located at 1.1981. The nearest resistances can be noted at 1.1901 and 1.1962.
GBP/USD
Last week, the pair continued to decline and confirmed the pullback formed earlier at the weekly target for the breakout of the Ichimoku cloud (1.4181). At the moment, the main task of the bears is to break through the daily golden cross (closing level 1.3823) and to maintain the short-term trend (1.3845). The nearest resistances are the already broken levels (1.3904 and 1.3982). If the decline continues, the path will open to the unification of the support of the daily cloud (1.3638 upper limit) and the weekly level (1.3642).
The corrective movement in the smaller time frame continues to develop for quite some time. The key levels, which will allow the bulls to improve their balance of power and gain the main advantages on H1, are currently at 1.3827 (the central pivot level) and 1.3894 (weekly long-term trend). A consolidation above which will strengthen the bullish position, allowing them to consider the upper levels (1.3904-1.3982) as new pivot points for growth. In turn, a rebound from the reached resistances and the completion of the correction will allow the bears to return to the daily cross and break through it. The intraday supports are the classic pivot levels (1.3762-1.3725).
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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.
