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Technical analysis

11.01.202212:55 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on January 11, 2021

EUR/USD

The situation did not change significantly over the past day. The pair remains in the consolidation zone, while the bulls are keeping the position in the upper part of the zone, relying very much on the main attraction levels, namely the support levels of 1.1330-1.1290-85 (weekly short-term trend + daily cross + monthly level). The prospects are the same for them. In turn, consolidation in the daily cloud (1.1361 lower border) will allow us to rise in the accumulation area of resistance at 1.1439-92 (monthly levels + weekly Fibo Kijun + upper limit of the daily cloud).

The bulls in the smaller timeframes are still trading above the key levels responsible for the balance of power, which are set at 1.1323-15 (central pivot level + weekly long-term trend) today. It is worth noting that today's upward targets are currently located at 1.1361 - 1.1398 - 1.1436 (classic pivot levels). A consolidation below the area of 1.1323-15 may change the distribution of forces in favor of strengthening bearish mood. Here, the levels of 1.1286 - 1.1248 - 1.1211 (classic pivot levels) will act as downward pivot points to further decline.

GBP/USD

A new high was set by the bulls, which resulted in the continuation of growth despite the minimal activity. The upward pivot points in the higher timeframes are the resistance levels of 1.3669 (weekly Fibo Kijun) and 1.3704 (monthly Tenkan). Meanwhile, attraction and support are provided by the level of 1.3571 (weekly medium-term trend).

The advantage in the smaller timeframes completely belongs to the bulls. At the moment, the resistance R1 (1.3608) is being tested. The next step to strengthen bullish mood will lie through 1.3641 and 1.3680 (resistances of the classic pivot levels). Today's key levels are located at 1.3669-52 (central pivot level + weekly long-term trend), whose breakdown can change the current balance of power. In this case, the reference points for the movement will be the support of the classic pivot levels currently noted at 1.3536 - 1.3497 - 1.3464.

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Evangelos Poulakis,
Analytical expert of InstaSpot
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