EUR/USD
Higher Timeframes
Last week's downward movement became indistinct due to the uncertainty surrounding the last couple of days, and as a result, this sentiment, represented by a long lower shadow of the weekly candle, was recorded on the chart. The pair can leave the corrective area once it breaches the support level at 1.0500 (the daily target) and 1.0447 (the final level of the monthly Ichimoku cross). As for the bulls, they need to break through the weekly resistances (1.0628 - 1.0653) and update the previous high (1.0695). Afterward, they can focus on the area between 1.0722 and 1.0766, which combines levels from all the higher time frames, including daily, weekly, and monthly.
H4 - H1
On lower time frames, the recent corrective move has already tested the strength of the long-term weekly trend, but the bulls didn't have enough strength, and so they had to retreat. The key level at 1.0589 (the long-term weekly trend) continues to be the most important resistance level and is now the closest mark on the price chart. Further intraday resistance levels are at 1.0596 - 1.0628 - 1.0658 (classic Pivot levels). As for the bears, the main goal is to leave the corrective area (1.0523), followed by overcoming the support levels of classic Pivot points (1.0534 - 1.0504 - 1.0472).
***
GBP/USD
Higher Timeframes
Last week, the bears failed to update the low 1.2036, which was set in early October, so they kept working within the corrective area. Overcoming the monthly medium-term trend (1.2135), entering the weekly cloud (1.2097), and updating the low (1.2036) are still the main goals in order to gain the upper hand on the higher time frames. As for the bulls, in order to gain new prospects and opportunities, they need to eliminate the daily Ichimoku cross (1.2151 - 1.2178 - 1.2186 - 1.2221) and take control of the weekly short-term trend (1.2339).
H4 - H1
To shift the current balance of power on the lower time frames in favor of the bullish bias, buyers need to overcome key resistance levels at 1.2127 (the central pivot level of the day) - 1.2152 (the weekly long-term trend) and reverse the moving average. Failure to do so will contribute to uncertainty. Other potential reference points for intraday movement are the classic pivot levels, which are currently located at 1.2184 - 1.2207 (resistances) and 1.2093 - 1.2070 - 1.2036 (supports).
***
The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
