02.12.202112:52 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on December 2, 2021

EUR/USD

There have been no significant changes over the past day. After the activity at the close of November, the market took a short pause. The euro continues to remain around the monthly level of 1.1290 while maintaining the support of the daily short-term trend (1.1280). The nearest resistance is 1.1379 (daily Fibo Kijun). All the main conclusions and expectations outlined earlier, as well as the location of the main pivot points, are still the same.

The morning pause led to a sideways movement in the smaller timeframes. The analyzed technical indicators tuned in to support the bears, but the pair continues to remain above the weekly long-term trend set at 1.1291, so the bulls retain their key advantage. Once the active movement resumes, the classic pivot levels can serve as intraday pivot points. The resistance levels of 1.1352 - 1.1384 - 1.1409 will have a value for the bulls, while the support levels of 1.1270 - 1.1238 will be important for the bears.

GBP/USD

The performance indicated at the end of the month could not be achieved. Yesterday, the pound remained within the limits of the previous movement, so the options for the development of the situation and the main pivot points retain their significance. The support and attraction are now provided by the lower border of the weekly Ichimoku cloud (1.3248). The nearest resistance is the daily short-term trend (1.3323).

It is worth noting that it is important for the bears to update the minimum extreme (1.3193) and test the monthly support (1.3164). As for the bulls, an important pivot point is the resistance zone led by weekly levels (1.3516-76). The nearest resistance on this path can be noted at 1.3430 (daily Fibo Kijun).

The pound continues to test its strength and fight to break through the key levels in the smaller timeframes, which now combine their efforts in a narrow range of 1.3296 - 1.3313 (central pivot level + weekly long-term trend). The possession of the levels determines the presence of the main advantage. The resistances of the classic pivot levels, which are located at 1.3330 - 1.3486 - 1.3420, serve as the intraday benchmarks for the development of the upward movement. Meanwhile, the supports of the classic pivot levels, which are seen at 1.3240 - 1.3206 - 1.3150, are today's intraday benchmarks for the downside development.

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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.