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07.04.202011:06 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on April 7

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EUR / USD

Exchange Rates 07.04.2020 analysis

The pair indicated slowing down on the historical support of 1.0778, as a result of which the players to increase are now busy restoring their positions. But only time will tell how successful the rise will be. Among the nearest upward landmarks, the following resistances can be distinguished: 1.0879 (historical level) - 1.0965 (daily Tenkan + weekly Fibo Kijun) - 1.1009 (daily cloud) - 1.1067-1.1100 (accumulation of important levels of monthly and weekly time). In case of breakdown of support of 1.0778 and new activity of bears, bearish reference points still remain in their former places - the target for breakdown of the H4 cloud (1.0726 - 1.0679), the minimum extreme of March (1.0636) and the level of 100% working out of the weekly target on the breakdown of the Ichimoku cloud (1.0595).

Exchange Rates 07.04.2020 analysis

In the lower halves, an upward correction has been completed to the key resistance - a weekly long-term trend (1.0882). Today, the main guideline for bulls on H1 is the zone 1.0882 - 1.0898 (weekly long-term trend + R3). The slowdown is possible in the area. The breakdown of the trend and its reversal can change the current balance of forces, which will lead to further strengthening of players to increase and the emergence of new upward prospects. The classic pivot levels will serve as intraday support, the closest of which are located at 1.0830 (R1) and 1.0799 (central Pivot level of the day).

GBP / USD

Exchange Rates 07.04.2020 analysis

The met support 1.2305 - 1.2214 (daily Kijun + weekly Tenkan and Fibo Kijun) retain their influence and relevance. Players to increase do not leave hopes for the implementation of the rebound from this zone, the strength of which will help to overcome the resistance of 1.2450 - 1.2540 (monthly Tenkan + weekly Kijun and Senkou Span A + the final boundary of the daily cross + monthly Fibo Kijun), which in turn will lead to the resumption of the rise and further strengthening of the bullish positions. As additional support today, we can designate 1.2130 - 1.2094 (daily Tenkan + Fibo Kijun), as the following resistance 1.2670 - 1.2711 (weekly Senkou Span B + Fibo Kijun).

Exchange Rates 07.04.2020 analysis

At the moment, the pair is testing the resistance of the weekly long-term trend (1.2340), the following reference points within the day 1.2371 (R2) - 1.2417 (R3). Securing the trend above and reversing it will allow players to increase to begin a new test (with the goal of breaking) of the most significant resistances of the higher halves (1.2450 - 1.2540). Among the supports today, 1.2254 (central Pivot level) can be distinguished; consolidating below can inspire the bears to overcome the supports of older time intervals and continue to decline.

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

Evangelos Poulakis
Analytical expert of InstaForex
© 2007-2024

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