Last week, it was not possible to change the situation of uncertainty, because neither side made progress. The pair has been consolidating in the zone of 1.0539-83 throughout the week, where many levels of various time intervals have accumulated. A breakthrough and consolidation above will allow players to increase to eliminate the daily death cross (1.0573 - 1.0624 final levels) and seize the support of the weekly short-term trend (1.0583). The next frontier, to which in this case the players' interests will rush to increase, will be 1.0767-87 (upper limit of the daily Ichimoku cloud + weekly Fibo Kijun). If the bulls still fail under the current resistance, then the most important thing for the opponent will be to restore the downward trend through updating the lowest extremes (1.0339 - 1.0349).
Players have spent the past week contemplating which one of them will move the market next. The attraction is now providing a daily cross to Ichimoku (1.2300 Kijun + 1.2169 Tenkan). For bulls, if they manage to win the current confrontation, the next milestone at 1.2388 (the final level of the daily cross + weekly short-term trend) will be important. After that, the interests of strengthening bullish sentiment will be aimed at conquering the resistance of the daily Ichimoku cloud (1.2500 - 1.2727) and returning to the monthly cloud (1.2678). Additional resistance on this site will be provided by the weekly Fibo Kijun (1.2627). In order to leave the consolidation zone and identify new prospects, the bears will need to overcome the support of 1.2000 and, having updated the low of 1.1933, firmly settle below it. The next bearish benchmark will be the March 2020 low extreme of 1.1411.
In the technical analysis of the situation, the following are used:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Reference Points (classic) + Moving Average 120 (weekly long-term trend)