EUR/USD
Last Friday marked a slowdown, while bearish traders failed to close the week below the monthly support (1.1695). The task to break through the monthly level remains. The next pivot point can now be designated at the turn of the minimum extremum (1.1602). If the bears do not cope with the task and do not manage to break through the monthly target (1.1695), then the initiative and opportunities can go to the bullish side. To further achieve success and strengthen their positions, the bullish traders will need to break through the resistance of the daily Ichimoku cross (1.1735 - 1.1758 - 1.1787 - 1.1815), which are currently strengthened by the weekly short-term trend (1.1806).
The advantage of the bulls is growing in the smaller time frames. They managed to break through the support of technical indicators and the central pivot level (1.1689). Now, there is a struggle to possess the weekly long-term trend (1.1717). A consolidation above and reversal of moving averages will strengthen the bullish position. Today, it is possible to focus on further growth at the resistance of the classic pivot levels of 1.1730 and 1.1756. The resistance levels on the H1 chart are amplified from the upper time frames.
Currently, the key support level is set at 1.1689 (central pivot level) and strengthened by the monthly level of 1.1695, so a reliable consolidation below is important for the next decline and increase in the bearish mood. Today's support of the classic pivot levels can be noted at 1.1674 - 1.1648 - 1.1633.
GBP/USD
Last week, the bearish traders showed a good result. If there are no changes in the priorities, then bearish moods can be fixed in the monthly result. The nearest downward pivot point is the updated minimum extreme (1.3571). The location of some Ichimoku lines has changed with the opening of the new week. The upper limit of the weekly cloud has risen to the area of the current location of the price chart, due to which it is now exerting its attraction and influence. A consolidation above the weekly Senkou Span A (1.3646) and the monthly Tenkan (1.3690) will allow us to consider new opportunities for the development and formation of a rebound from the encountered and tested support levels.
An upward correction is developing in the smaller intervals, so the bulls have managed to achieve some advantages. Currently, the most significant resistance is the weekly long-term trend (1.3720). A consolidation above and reversal of moving averages can most significantly affect the current distribution of forces. An important intraday support level is the central pivot level (1.3622). In addition, one can focus on the resistances (1.3663 - 1.3683) and supports (1.3601 - 1.3581 - 1.3560) of the classic pivot levels.
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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.
