EUR/USD
Yesterday, the bears performed a fairly effective decline. However, the encounter with the support levels of 1.1758 (the final level of the daily golden cross) and 1.1752-35 (the target for the breakout of the H4 cloud) led to a slowdown in the higher timeframes and the development of an upward correction in the lower timeframes. If the bulls continue to restore their positions today, the nearest pivot points and resistances for them will be the level of 1.1787 broken the day before (mid-term daily trend + weekly short-term trend) and the accumulation zone of daily levels 1.1805-15-18. The week will be closed today and it is important for the bears to maintain the level of 1.1787. If they manage to leave the stagnation zone and continue to fall, then this will be the best option to maintain prospects.
The upward correction in the smaller time frames approached the key levels of 1.1780 - 1.1803 (central pivot level + weekly long-term trend), which act as resistance levels and strengthening from the higher time frames (1.1787 - 1.1805). A consolidation above this zone and breakdown of the daily resistances (1.1815-18), will change the current balance of power not only in the lower periods, but will also lead to changes in the higher ones. Moreover, consolidation of the result will open up new prospects. The next intraday upside targets today are 1.1851 - 1.1880 (classic pivot levels).
In turn, the end of correction and the continuation of the decline will lead to the restoration of the downward trend, which will make the support levels of the classic pivot levels relevant again. Today, they are located at the borders of 1.1738 - 1.1709 - 1.1677.
GBP/USD
Yesterday, the initiative and the advantage belonged to the bears. They declined to the influence zone of the support levels of 1.3757-77 (weekly Tenkan + daily Kijun), but could not break through it. As a result, a slowdown occurred again. The breakdown of the supports will open the way to the next bearish targets of 1.3720 (the final line of the daily gold cross) and 1.3668 (the upper border of the weekly cloud). On the contrary, the formation of a rebound from the encountered supports 1.3757-77 will return the pair to the attraction and influence zone of strong levels 1.3830 - 1.3848 (weekly Fibo Kijun + monthly Tenkan).
The development of the correction in the smaller time frame has led to the testing of the central pivot level (1.3802). Another key resistance is located above, that is, at 1.3828 (weekly long-term trend). It should be noted that the breakdown of this level and consolidation above it will change the balance of forces on the hourly chart towards the strengthening of bullish moods. Today, the upward pivot points are set at 1.3839 - 1.3890 - 1.3927.
Meanwhile, the end of the corrective rally, the update of the low, and the continuation of the downward trend will bring the bearish sentiment and prospects back to the market. The support of the classic pivot levels can be noted at 1.3751 - 1.3714 - 1.3663, which serve as the main downward pivot points.
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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.
