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EUR/USD
Higher Timeframes
Bulls once again faced failure. The opponent not only liquidated all bullish achievements but also seeks to close the market below important thresholds to secure a clear and reliable advantage. Closing the week below the area of 1.0839 – 1.0828 will allow the bears to gain support from the weekly short-term trend and begin the liquidation of the golden cross of the daily Ichimoku cloud. The next important downward target can be noted at 1.0796; its breakthrough will allow exiting the daily cloud into the bearish zone and finding support from the weekly medium-term trend.
H4 – H1
At the moment, the advantage on lower timeframes is again on the bears' side. Currently, they are testing the first support of classic pivot points (1.0831); further decline will lead them to support levels S2 (1.0800) and S3 (1.0744).
To change the current balance of power, bulls must regain positions and reclaim key levels, now located around 1.0887 – 1.0878 (weekly long-term trend + central pivot point). Further upward development may proceed through overcoming resistance levels of classic pivot points (1.0918 – 1.0974 – 1.1005).
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GBP/USD
Higher timeframes
Bears not only returned to the market but also managed to demonstrate a massive offensive. Their effectiveness allowed them not only to return to the weekly cloud but also to approach the important support zone of 1.2589 (monthly short-term trend) – 1.2566 (weekly Fibonacci Kijun). A breakthrough and reliable consolidation below will allow considering new bearish prospects.
In case of a change in sentiment and possible retest execution, the market will focus its attention on the daily cloud (1.2662 – 1.2629), reinforced by the upper boundary of the weekly Ichimoku cloud (1.2646).
H4 – H1
On lower timeframes, bears currently have the advantage. They are developing a downward movement, aiming to overcome the first support of classic pivot points (1.2601) now. Next, they will encounter S2 (1.2548) and S3 (1.2448).
If bulls start showing activity and manage to regain positions, to change the current balance of power, they need to consolidate above key levels. The key levels today are at the boundaries of 1.2720–01 (central pivot point + weekly long-term trend). After passing the key levels, bullish prospects will be open for bulls—resistance of classic pivot points (1.2754 – 1.2854 – 1.2907).
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The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels
Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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