The current decline was again interfered with by the bulls. As a result, yesterday has bullish optimism. Today we are closing the working week, the preservation and strengthening of bullish sentiment based on the results of the closing may contribute to another testing of the strength of the weekly short-term trend and the daily death cross, while the persistence and opportunities for the transition of these boundaries to the side of the bulls will be much higher than before. Currently, the daily cross (1.0499 – 1.0624), the weekly short-term trend of 1.0568, and the monthly support of 1.0539 remain the benchmarks and boundaries of the current movement for the bulls, and the local lows (1.0349–39) are for the bears.
H4 – H1
In the lower timeframes, the pair is currently in the correction zone. Bulls have taken possession of the central pivot point of the day (1.0452) and are now using it as support. The next important reference point for bulls is the weekly long-term trend (1.0518). If the bulls can take over the level, they will change the current balance of power in their favor. Additional reference points in this direction during the day today will be the resistance of the classic pivot points (1.0558 – 1.0626). Bearish benchmarks within the day are the support of the classic pivot points (1.0414 – 1.0346 – 1.0308).
The bearish offensive was suspended yesterday. The bulls tried to partially restore their positions. As a result, there were no significant changes in the situation, priorities, and benchmarks. We can note the following boundaries: 1.2213 – 1.2300 – 1.2386 (levels of the daily cross + weekly long-term trend) as resistance. The psychological level of 1.2000 and the local low 1.1933 serve as support and nearest downward reference points.
H4 – H1
The advantage in the lower timeframes is on the side of the bears. Their reference points today within the day are—working out the target for the breakdown of the H4 cloud (1.2085) and the support of the classic pivot points (1.2055 – 1.2019). The most important upside targets for players at this stage are the key levels of the lower timeframes at 1.2151 (central pivot point of the day) and 1.2207 (weekly long-term trend). If the corrective movement manages to overcome the key levels and gain a foothold above, then the main advantage will go to the side of the bulls. Further reference points within the day will be the resistance of the classic pivot points (1.2247 – 1.2307).
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)