EUR/USD

The current week is almost over. The euro declined to the support zone of several strong monthly levels at once (1.1492 - 1.1474 - 1.1447), so further long-term prospects can be considered only based on the formation of the result of the interaction. A breakdown and a reliable consolidation in the bearish zone relative to the monthly Ichimoku cloud will support the downward trend. The target for the breakdown of the weekly cloud is also the downward target of the monthly cloud.

On the contrary, the formation of a strong rebound from the encountered support levels in the higher timeframes can stop the current decline for a sufficiently long time. The nearest resistance levels are the daily levels in the area of 1.1526-34 (Tenkan + Fibo Kijun).

A downward trend is developing in the smaller timeframes and the advantages are on the bears' side. The intraday downward pivot points are the support of the classic pivot levels, which are set at 1.1433 - 1.1415 - 1.1388 today. At the moment we are witnessing inhibition. If the deceleration turns into a corrective rally, then its key reference points will be the central pivot level of the day (1.1460) and the weekly long-term trend (1.1537). The levels of 1.1478 - 1.1505 - 1.1523 (classic pivot levels) can be considered as the closest resistances.

GBP/USD

Today, we are closing the week. The bears have updated the previous minimum extreme (1.3411). It is worth noting that closing the week below the minimum, as well as further preservation and confirmation of the achieved result, will serve as a good basis for implementing a decline to the next downward pivot point of 1.3164-56 (monthly Fibo Kijun and the lower limit of the weekly cloud). If rebound forms, the nearest resistances can be noted in the area of 1.3524-36 (daily Tenkan + Fibo Kijun).

Despite the main advantage of the bears, an upward correction is observed in the smaller timeframes. The bulls are now testing the central pivot level (1.3386). A consolidation above will open up opportunities to rise to the next significant resistance at 1.3481 (weekly long-term trend), the breakdown of which could change the current balance of power. The nearest resistance levels can be seen at 1.3415 and 1.3460 (classic pivot levels).

***

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.