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Yesterday, the pair tested the historical support level at 1.0200, and by the end of the day, it formed a rebound. Today, the euro may confirm this result, possibly leading to another upward correction. Immediate targets for buyers in the current scenario include the levels identified in the daily Ichimoku Dead Cross (1.0308, 1.0351, 1.0404, and 1.0458), which are reinforced by the weekly short-term trend level at 1.0419. If the pair manages to break through the support at 1.0200, new bearish prospects could arise.
On the lower timeframes, bears currently hold the advantage; however, the pair is now in an upward corrective zone. The key marker for this correction, which will determine the balance of forces, is located at 1.0296 (the weekly long-term trend). If the pair consolidates above this level and reverses the trend, buyers may be able to develop new strategies.
An additional intraday resistance level during the upward movement could be R3 at 1.0341. If the correction concludes and bears regain control, attention will shift to the support levels identified by classic Pivot Points (1.0225, 1.0199, 1.0154, and 1.0128) as the price exits the corrective zone.
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Yesterday, the pound reached the lower boundary of the monthly cloud support at 1.2099, followed by a daily rebound. Today, bulls need to confirm and extend this progress. First, the pair must return to the upper boundary of the monthly cloud at 1.2301, break through it, and secure a position in the bullish zone relative to the cloud. Following that, a series of resistances across various timeframes will challenge buyers, with immediate levels at 1.2336, 1.2371, 1.2425, and 1.2454.
On lower timeframes, the market is currently experiencing a corrective rise. Bulls have already gained control of the daily Central Pivot Point at 1.2169, but the gap between key levels today is significant. To test the weekly long-term trend at 1.2320, buyers must overcome the resistance levels at the classic Pivot Points R1 (1.2279) and R2 (1.2338). Securing the trend at 1.2320 would provide bulls with a substantial advantage.
If priorities shift and bears take control, attention will turn to the supports at the classic Pivot Points (1.2169, 1.2128, 1.2059, and 1.2018).
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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