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09.04.202010:26 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on April 9

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Economic calendar (Universal time)

The main focus of today's economic calendar is focused on data on unemployment in the United States (12:30), then among the important events, the statement by the Fed Chairman (14:00) can be noted.

EUR / USD

Exchange Rates 09.04.2020 analysis

There were no significant changes over the past day. The growing daily rebound from historical support of 1.0778 did not receive development and confirmation, but the rival did not reach a significant result yesterday either. Therefore, the main conclusions and expectations today are still relevant. Along with expectations and prospects, the location of the support and resistance levels indicated earlier is also preserved. In this situation, resistance can be identified at 1.0965 (daily Tenkan + weekly Fibo Kijun) - 1.1009 (daily cloud) - 1.1067-1.1100 (accumulation of important levels of the monthly and weekly half). Support and bearish levels are now at 1.0778 (historical level) - 1.0687-36 (target for breakdown of the H4 cloud) - 1.1036 (minimum March extreme) - 1.0595 (level of 100% working out of the weekly target for breakdown of the cloud Ichimoku).

Exchange Rates 09.04.2020 analysis

In the lower half, despite the fact that the process has been delayed and the analyzed technical indicators are ready to support the bears, the key levels maintain support for the interests of players to increase. Developing above the weekly long-term trend, which is now located at 1.0844, maintains good chances for new bull activity and the restoration of the upward trend at H1 (1.0926). Today, additional resistance within the day are the classic Pivot levels 1.0935 (R2) - 1.0968 (R3). A reliable consolidation under the key support zone of 1.0863-44 (Central Pivot level + weekly long-term trend) can serve as a strengthening of bearish sentiment today, the main task for which will be to overcome the historical support of 1.0778 and continue the downtrend (1.0768 minimum).

GBP / USD

Exchange Rates 09.04.2020 analysis

Players keep their hope up for an increase, but the strength and influence of the resistance 1.2450 - 1.2540 (monthly Tenkan + weekly Kijun and Senkou Span A + final line of the daily cross + monthly Fibo Kijun) still holds them back even from the next test. The active support area of 1.2305 - 1.2214 (daily Kijun + weekly Tenkan and Fibo Kijun) is also reinforcing the daily short-term trend, which has formed a golden cross today as a bonus for players to increase. As long as the pair remains above the supports 1.2305 - 1.2214, it can be assumed that the players to increase are at a low start and are waiting for the signal, tthe strength of which will allow them not only to test the resistance again, but also to overcome them. Secure anchoring below supports changing these expectations and the current balance of power. The next supports are located at 1.2094 and 1.1958.

Exchange Rates 09.04.2020 analysis

At the moment, we see the advantage of players to increase on H1. The key support of the lower halves, providing this advantage, is in the region of 1.2362-26 (central Pivot level + weekly long-term trend) today. The main goal of the players to increase at the moment is to update the highs and overcome the resistance of the upper halves 1.2450 - 1.2540. Consolidating the bears under the key support of the lower halves (1.2362-26) will lead the pair to the next test of the key supports of the higher halves (1.2305 - 1.2214). Further development of the situation will depend on the result of this test.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis
Analytical expert of InstaForex
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