EUR/USD

The bulls managed to slow down the development of further decline last week, but they failed to change the mood and situation since a fairly strong accumulation of resistance stood in the way of restoring their bullish positions. The nearest resistance area set at 1.1950-75 combines the lower border of the daily cloud, the weekly Fibo Kijun, and the monthly short-term trend, then 1.1990 - 1.2017 - 1.2057 - 1.2103 (daily and weekly Ichimoku crosses).

If the slowdown is completed and the decline resumes, it will be important for the bearish traders to break through the 1.1866-47 (weekly cloud border + minimum extremum). After that, the next downward pivot point will be the fulfillment of the target for the breakdown of the daily Ichimoku cloud (1.1684-19), which is strengthened by the monthly Fibo Kijun (1.1695).

The current situation in the smaller time frames can be assessed as the predominance of uncertainty. The pair continues to be in the attraction zone of the key levels of 1.1945-27 (central pivot level + weekly long-term trend) for quite some time. A movement above these levels creates preconditions to strengthen the bullish mood. The resistance of the classic pivot levels 1.1965 - 1.1994 - 1.2014 can act as an intraday upward pivot point. On the contrary, a consolidation below the range of 1.1945-27 and a reversal of the moving average will favor the bears. The support levels (1.1866-47) in the bigger time frames will serve as the key downward targets.

GBP/USD

The bulls managed to stop the decline. Last week, a retest of the levels passed the day before was performed, which formed resistances in the area of 1.3958-42 (daily Tenkan + lower border of the daily cloud + weekly Fibo Kijun + upper border of the monthly Ichimoku cloud). It should be noted that no one was able to achieve a clear advantage when retesting, so the confrontation will continue this week. The current borders of 1.3942-58 - 1.4017 - 1.4072 are important for the bulls, and as for the bears, the levels of 1.3850 - 1.3754-86 will be important.

The pair in the smaller time frames continues to trade in the influence zone of key levels, which are set at 1.3924 - 1.3895 (central pivot level + weekly long-term trend) today. The alternating position of the pair above and below the levels only aggravates the situation and increases the uncertainty without a clear leader. One can use the classic pivot Levels as pivot points. At the moment, the resistance levels can be noted at 1.3959 (R2) - 1.3983 (R3), while support levels are at 1.3855 (S1) - 1.3831 (S2) - 1.3791 (S3).

***

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.