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FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

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Forex Analysis:::2022-09-16T09:05:16

Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

EUR/USD

Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

Higher timeframes

The past day has not made any changes to the current situation. The pair remained within the limits of the previous day in the zone of attraction of the psychological level 1.0000. All previously announced conclusions and expectations remain relevant. For bears, updating the minimum extremum (0.9864) and restoring the downward trend is still important. And for the bulls, the elimination of the daily cross, gaining support for the weekly short-term trend and entering the daily cloud (1.0116 – 1.0176 – 1.0203) are the targets.

Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

H4 – H1

In the area of the psychological level 1.0000, one of the key levels of the lower timeframes (0.9991) is now located. The strength and attraction of these levels allows you to keep the pair in prolonged uncertainty. Perhaps the situation for bulls will help to change the reliable consolidation above the weekly long-term trend (1.0041) and the reversal of the moving average. The exit from the current consolidation zone in the bearish direction will run through the support of classic pivot points (0.9963 – 0.9929 – 0.9901). At the same time, a downward target will be formed for the breakdown of the H4 cloud.

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GBP/USD

Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

Higher timeframes

After the slowdown, the bears returned to the market. As a result, the pair again proceeded to test the strength of the historical level 1.1411, indicated during the formation of the minimum extremum in 2020. Consolidation below will allow to restore and continue the downward trend of higher timeframes. The psychological level 1.0000 may become the next reference point. The immediate resistance in this situation is the daily short-term trend, located at 1.1570.

Technical analysis recommendations on EUR/USD and GBP/USD for September 16, 2022

H4 – H1

On the lower timeframes, the bears are now testing the support of S2 (1.1405) of the classic pivot points. Further downward reference points within the day are S3 (1.1347) and a downward target for the breakdown of the H4 cloud (1.1342). Today's key levels are 1.1491 (central pivot point of the day) and 1.1572 (weekly long-term trend). Consolidation above can lead to a change in the current balance of power.

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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)

Analyst InstaForex
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