10.11.202114:20 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on November 10, 2021

EUR/USD

The situation has slightly changed for the last 24 hours. The daily candle spoke in favor of uncertainty. The pair remained in the attraction area of 1.1576 - 1.1602-24 (lower border of the weekly cloud + the levels of the daily cross + the historical level). A consolidation outside the zone and further confirmation of intentions are currently the immediate plans of market players who want to win the current confrontation through the development of their moods.

The next upward targets are set at 1.1680 - 1.1695 - 1.1717 (weekly Tenkan + monthly Fibo Kijun + daily cloud). The nearest bearish prospects are still at 1.1492 - 1.1474 - 1.1447 (monthly Ichimoku cloud + monthly medium-term trend).

The daily uncertainty yesterday forms a sideways movement in the smaller timeframes. The main support, attraction, and influence are now provided by key levels, uniting their efforts in the range of 1.1590 (central pivot level) - 1.1574 (weekly long-term trend) today. It should be noted that a consolidation above this zone and separation from it will return the activity to the resistances of the classic pivot levels (1.1611 - 1.1629 - 1.1650), while a consolidation below will activate the supports at 1.1551 (S2) and 1.1533 (S3). In this case, the main task will be to update the low (1.1513).

GBP/USD

The historical levels of 1.3571 - 1.3601 managed to slow down the upward movement and the recovery of bullish positions. As a result, the value of these levels has remained, and the next resistances are the borders of 1.3619-29 (daily cross + lower limit of the daily cloud) and 1.3661 (weekly short-term trend). The return of the bears is able to focus all attention again on going beyond the previous minimum extreme (1.3411).

The pound continues to struggle for more than a day and remains in the attraction zone of the key levels at 1.3552-61 (central pivot level + weekly long-term trend) in the smaller timeframes. A consolidation below these levels will give an advantage to the bears. Currently, the support level of 1.3516 (S1) is being tested. Here, we can also consider the support for the classic pivot levels of 1.3478 (S2) and 1.3433 (S3), which may come into operation.

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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.