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20.05.2020 11:39 AM
Technical analysis recommendations for EUR/USD and GBP/USD on May 20

EUR / USD

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Players on the rise continued to rise yesterday and met resistance of 1.0965 - 85 (the lower border of the daily cloud + weekly Fibo Kijun). This area of resistance is particularly important, since it has stopped players from rising more than once recently, so a breakdown of resistance and a reliable consolidation above will serve as a good strengthening of bullish positions. The next upward direction in this case will be 1.1067-88 (the upper border of the daily cloud + weekly Kijun and Senkou Span A + monthly Tenkan). Key support, which is responsible for the advantage of players to increase at the current stage of movement, also remains in their places today, that is, at 1.0893 - 73 (weekly Tenkan + day cross).

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Due to the support of all the analyzed technical instruments in the lower halves, advantages belong to the players to increase. When the trend movement is restored, the resistance within the day will be the resistance of the classic Pivot levels 1.1007 (R2) and 1.1039 (R3). At the moment, on H1, the pair is in the downward correction zone. The first strengthening of the bearish mood will be the loss of support for the central Pivot level (1.0933). Further, the weekly long-term trend (1.0856) will become the main pivot point for the development of the correctional decline, and now, the nearest support in this direction can be noted today at 1.0891 (S1).

GBP / USD

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Players to increase closed the last day above the weekly Fibo Kijun (1.2214). Perhaps, they would be more productive, but the implementation of the further rise rests on the accumulation of strong enough resistances, consisting of a day cross (1.2269 Tenkan + 1.2357 Kijun) and a day cloud Ichimoku (1.2305). Without breaking through these resistances, it is useless to dream of further strengthening of the bulls and the appearance of new prospects. In the case of the formation of rebound from the encountered resistance, bearish pivot points remain at 1.2047 - 1.1970.

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Technical indicators insist on the development of correctional decline, nevertheless, the interests of players to increase are now defending the key support of the lower halves of 1.2242 (central pivot level) and 1.2202 (weekly long-term trend). After managing to keep support and update the maximum, players on increase can return to work with the resistance of the higher halves. The loss of support can delay the development of the situation, and will most likely lead to uncertainty than to the strengthening of bears.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

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