22.11.202211:32 Forex Analysis & Reviews: EUR/USD, GBP/USD Technical Analysis for November 22, 2022

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EUR/USD

Longer time frames

Yesterday, bears were taking the lead. They managed to drag the price down but failed to reach the support level of the daily short-term trend (1.0209). The area combining the daily levels (1.0209 - 1.0185) and the weekly medium-term trend (1.0163) now serves as the biggest obstacle in the way of bears. The current resistance and attraction area are still being protected by the zone of 1.0285 - 1.0309 - 1.0369 - 1.0385 (final levels of the weekly Ichimoku cross + monthly short-term trend + a breakout of the daily cloud).

H4 – H1

In shorter time frames, the pace of a corrective move seems to have slowed down. The pair is testing the resistance of the central pivot point (1.0266). The resistance of the weekly long-term trend (1.0339) may be of great importance to bull players today. If the price consolidates above this level, market sentiment will shift. If the pair continues to decline, one can regard 1.0198 – 1.0156 – 1.0088 (classic pivot points) as intraday target levels for today.

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GBP/USD

Longer time frames

The situation has barely changed over the past day. The pair is still moving in the area of 1.1781 - 1.1842 - 1.1895 (weekly and monthly levels). Trading activity will increase only after the price gets out of this range. If bulls regain control of this area, the pair will most likely head for the levels of 1.2099 - 1.2292 - 1.2302 (daily target amid a breakout of the cloud + monthly medium-term trend). Alternatively, bears may take the lead if the price overcomes the support levels of the daily Ichimoku cross (1.1690 - 1.1658 - 1.1544), which are pretty strong given the weekly medium-term trend.

H4 – H1

Notably, shorter time frames indicate that the pair is trading around the key levels of 1.1831-66 (central pivot point + weekly long-term trend). This means that the situation is uncertain. In case of a shift in intraday market sentiment, one can focus on the classic pivot points - support levels at 1.1766 - 1.1712 - 1.1647 and resistance levels at 1.1885 - 1.1950 - 1.2004.

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Technical analysis uses:

longer time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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

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