EUR/USD
Yesterday, the euro/dollar pair almost reached the monthly support level of 1.1695 (Fibo Kijun). However, the influence from this level led to a slowdown. The level of 1.1695 acts as the main bearish target. The upward correction may return EUR/USD to the previous levels, which now act as resistance and are located at 1.1758(daily Fibo Kijun), 1.1776 (daily Tenkan), 1.1787 (weekly Tenkan + daily Kijun).
The formation of a daily rebound allowed bulls to reach the central pivot point (1.1721). That is why the upward correction is likely to be successful. The key target is located at 1.1796. If the pair breaks this level, the result will be seen on all time frames. Intraday resistance levels are located at 1.1741 (R1) and 1.1758 (R2). If the price drops below the support level of 1.1721 and hits a new low (1.1700), the downtrend is likely to be resumed. Downward targets are located at 1.1704, 1.1684, 1.1667.
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GBP/USD
Yesterday, bears of the pound/dollar pair pushed it significantly lower. As a result, the price entered a weekly cloud (1.3699), the upper limit of which acts as resistance. Later, resistance levels are likely to be located at the daily Ichimoku Golden Cross (1.3720-57-76). Downward targets are located at 1.3601-1.3571.
On the smaller time frames, we can see an upward correction. At the moment, the price is testing the central pivot point of 1.3680. If the pair breaks this level, bulls may regain control over the market. The key target of the correction will be located at 1.3768, whereas the resistance level will be at 1.3721 (R1). If the pair resumes falling, a support level could be seen at 1.3612-1.3571-1.3503.
