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29.08.202212:28 Forex Analysis & Reviews: Technical analysis of EUR/USD and GBP/USD on August 29, 2022

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EUR/USD

Higher time frames

Last week, the pair hit a new extreme low (0.9952) and closed below the psychological level of 1.0000. If the downtrend goes on, the targets are seen at 0.9000 (psychological level) and 0.8225 (2000 extreme low). In this light, bulls will try to break through 1.0000. Ichimoku Kinko Hyo resistance is currently standing at 1.0052 – 1.0080 – 1.0135 – 1.0190 and 1.0182 (weekly short-term trend).

H4 – H1

The bullish zone is again lost. There is a strong bearish bias as trading is below the key levels of 0.9963 (weekly long-term trend) and 1.0000 (central Pivot level). A change in the balance of power will again shift if the price consolidates above these marks. Resistance is seen at 1.0054 – 1.0143 – 1.0197 (classic Pivot levels). Should bears remain strong, the quote may fall to 0.9911 – 0.9857 – 0.9768 (classic Pivot support).

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GBP/USD

Higher time frames

Last week, the pair hit a new extreme low of 1.1759. This level has now turned into resistance and is seen as the nearest bullish target. Today, bears are ready to extend the downtrend, with the target at 1.1411 (2020 low).

H4 – H1

In lower time frames, there is still a strong bearish bias. The quote has tested 1.1678 support. The intraday targets stand at 1.1620 – 1.1509 (classic Pivot levels). The bullish intraday targets are seen at around 1.1789-88 (weekly long-term trend and central Pivot level).

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Indicators used in technical analysis:

higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun

H1: Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

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