Yesterday, bulls failed to change the situation, so the bears rejoined the work. As a result, the pair continues to remain in the zone of attraction and the influence of a large accumulation of different levels of higher timeframes—the daily cross (1.0522 – 1.0624), the weekly short-term trend of 1.0568, and the monthly support of 1.0539. Being in this zone continues consolidation and retains uncertainty. Securely anchoring higher or lower and breaking the current pull will open up opportunities to consider plans to test the next benchmarks. For bears, the next reference point is the area of local lows (1.0349–39), and for bulls, the resistance levels 1.0767 – 1.0787 (upper border of the daily cloud + weekly Fibo Kijun) remain the reference points.
H4 – H1
Yesterday's bearish activity made it possible to change the balance of power in the lower timeframes. The advantage now belongs to the bears. The reference points for the intraday decline in the current situation are the support of the classic pivot points (1.0479 – 1.0439 – 1.0376). The key levels of the lower timeframes today join forces in the area of 1.0549–42 (central pivot point of the day + weekly long-term trend). The loss of these levels will again change the balance of power. If this happens, then the resistance of the classic pivot points (1.0582 – 1.0645 – 1.0685) will serve as upward reference points within the day.
After consolidation under the resistance of the weekly short-term trend (1.2300), bears seized the initiative yesterday. If they manage to confirm and develop a rebound, then the next important targets for the decline will be 1.2000 (psychological level) and 1.1933 (local low). If the uncertainty of the situation and the influence of 1.2300 persist, the pair will remain in the area of the current consolidation, due to which activity may again appear on the part of the opponent.
H4 – H1
After a long stay in the zone of attraction of key levels, bears have taken advantage and are trying to develop a further decline. Today, the reference points within the day are the support of the classic pivot points, located at 1.2142 – 1.2105 – 1.2030. Key levels protect the interests of bears today, acting as resistance at 1.2217 (central pivot point of the day) and 1.2252 (weekly long-term trend). Consolidation above will change the current balance of power.
In the technical analysis of the situation, the following are used:
higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)