EUR/USD
The price tested the monthly support level of 1.1695. As a result, a rebound occurred. At the end of the trading week, the market remains bullish. Bulls pushed the price to the weekly resistance level of 1.1893, consolidating in the daily Cloud. A breakout of yet another resistance may lead to an increase in bullish sentiment. For that, the price should test and go above a relatively wide resistance zone of 1.1965- 1.2047. If so, the weekly death cross pattern will be canceled and the support of the monthly short-term trend will be determined. Apart from that, the price will go beyond the daily Cloud, a daily target for a breakout of the Cloud will be formed, and the quote will return to the bullish zone relative to the Ichimoku Cloud. The nearest support is located at 1.1843 (the lower border of the daily Cloud).
According to lower time frames, the market is bullish. Resistance is located at the classic pivot levels of 1.1888-1.1903-1.1929. The location of key support levels indicates that the market may enter a deep technical correction without a change in the main trend. The first important support level is set at 1.862 (the central pivot level). The second one is at 1.1821 (the weekly long-term trend), the intermediate support is seen at 1.1874 (S1).
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GBP/USD
Having encountered the support of the monthly short-term trend in July, the pound sterling did not leave this zone in August. In September, the price is located close to the monthly Tenkan-sen (1.3848) that is now getting in line with the daily and weekly Kijun lines. Against this backdrop, bulls should break the level of 1.3848, cancel the weekly death cross (1.3910-1.3989) and leave the Ichimoku Cloud (1.3910+1.3958). The nearest support zone is seen within the 1.3792-1.3747 range (daily cross + lower border of the daily Cloud + weekly short-term trend).
According to lower time frames, the pair is within a corrective zone. The key levels are set at 1.3811 and 1.3774. Bearish sentiment may increase if the quote consolidates below these levels. If the price leaves the corrective zone and the upward trend resumes, resistance will be seen at 1.3857-1.3886-1.3932 (classic pivot levels and main intraday targets).
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Indicators used in technical analysis:
Ichimoku Kinko Hyo (9.26.52), Kijun lines, pivot points (classic), and 120-day moving average
