EUR/USD

Higher time frames

Last week, the pair traded in the 1.0931-43 resistance range, represented by the upper limit of a one-week cloud and a one-month medium-term trend. Support stood at the intraday short-term trend line of 1.0848. Currently, the price is seen to be in the 1.0931-43 – 1.0848 range. A breakout and consolidation beyond the limits may change the price movement. The upward target is seen at a monthly high of 1.1274. Meanwhile, the bears may attempt to test the barrier and perhaps liquidate the daily Ichimoku cross marked by levels 1.0759 – 1.0706 – 1.0653 and strengthened by the weekly short-term trend line of 1.0687.

H4 – H1

Lower time frames illustrate market uncertainty. Key levels are seen at 1.0882-69 (central pivot level + one-week long-term trend line). The pair has long been hovering near them. The bears may benefit from the fact that the price is below the key levels. If the market is bearish intraday, the pair may find support near classic pivot support at 1.0837 – 1.0806 – 1.0774. If the bulls consolidate above the key levels (1.0882-69) and push the price further up, the focus will be on classic pivot resistance at 1.0900 – 1.0932 – 1.0969.

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GBP/USD

Higher time frames

Last week, the pair traded between the 1.2457-40 resistance range (upper limits of the Ichimoku cloud of one-month and one-week time frames) and 1.2302 support (one-month medium-term trend line + intraday short-term trend line). Today, the intraday short-term trend line is seen at 1.2350. Uncertainty is still felt across the market. If the price leaves the limits of the range, we will see the beginning of a new trend.

H4 – H1

The key levels of lower time frames at 1.2369-85 (central pivot level + one-week long-term trend line) are almost horizontal. They have been weighing on the pair for a long time. Those market players who are in control of key levels usually have more benefits. Resistance at 1.2425 – 1.2458 – 1.2498 and classic pivot support at 1.2352 – 1.2312 – 1.2279 serve as intraday targets.

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Indicators used in technical analysis:

Higher time frames - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – classic pivot points + 120-period Moving Average (weekly long-term trendline)