09.09.202113:02 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on September 9

EUR/USD

Yesterday's meeting of the support levels (1.1815-22 daily levels) led to a slowdown. Today, the daily levels have slightly changed their location, so their attraction zone can now be designated within 1.1815 - 1.1831 - 1.1846. Trading above the levels will strengthen the bulls, who, relying on the accumulation of daily supports, can make plans again to break through the weekly resistance (1.1894).

In turn, the breakdown of supports and a reliable consolidation below will lead to further decline. The pivot points will be 1.1787 (weekly short-term trend) - 1.1758 (the final line of the daily cross) - 1.1695 (monthly Fibo Kijun).

A prolonged sideways correction on the hourly timeframe contributed to the emergence of uncertainty. The analyzed technical indicators are pondering who to give the advantage to. If they can now leave the consolidation zone after consolidating above the central pivot level (1.1823) and continue to rise, then the next important pivot point at 1.1857 (weekly long-term trend) will determine the balance of forces and opportunities for further development situations. Updating the low (1.1802) will restore the downward trend. Here, we can note the pivot points at 1.1795 - 1.1773 - 1.1745 (classic pivot levels).

GBP/USD

Yesterday's encounter and test of the support levels led to the formation of a rebound in the daily time frame. Today, the main task of bullish traders is to confirm and continue the development of yesterday's impulse. The key obstacle on this path is resistances at 1.3830-48 (weekly Fibo Kijun + monthly Tenkan). A reliable breakdown and consolidation above can open a new range for the bulls. However, if they fail to break through the resistances, but consolidate at the current supports at 1.3778 (daily cross + weekly short-term trend), and then breakdown the final support of the daily gold cross (1.3737), this will transfer the initiative and advantages to the bears, who will also open up new prospects.

The bulls in the smaller time frames start testing the key level of 1.3813 (weekly long-term trend). The level will be able to determine the balance of power and influence the situation. The breakdown and consolidation above will give advantages to the bulls, and their further success will depend on breaking through the resistances (1.3830-48) in the higher time frames. On the contrary, trading below the level, and even more so the formation of the rebound, will allow the bears to continue fighting for the support located in the area of 1.3778-37.

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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.