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Technical analysis recommendations for EUR/USD and GBP/USD on July 10
EUR / USD
The next working week is about to close. At the same time, a long upper shadow appeared again on the weekly candle. If the players on the downside manage to fix the shadow in history, then there may come a moment when the quantity grows into quality in the near future. The reference points for bears are currently located at 1.1245 (monthly Kijun) - 1.1197 (upper border of the weekly cloud) - 1.1167 (weekly Fibo Kijun).
After testing the first resistance of the classic Pivot levels yesterday, the players to decline began to decline. Today, the pair is already working below key levels of the lower halves. In this situation, retesting the passed levels is possible, which combines their efforts in the area of 1.1293 (weekly long-term trend) - 1.1312 (central Pivot level). A consolidation above can level the achievements of the bears and prevent them from closing the next week as optimistically as possible. The classic pivot levels 1.1252 - 1.1221 - 1.1161 are now the downward reference points within the day.
GBP / USD
The pair began to decline after fulfilling the target for the breakdown of the H4 cloud (1.2656). Today, we are closing the week. To form further prospects, it is now advisable for the players to decline to maintain their positions and, if possible, take possession of the nearest supports 1.2598 (daily Fibo Kijun) and 1.2520-30 (daily Kijun + weekly Fibo Kijun).
There is another downward correction on the upward trend on H1. The players to decline managed to consolidate below the central Pivot level (1.2623), so support for the weekly long-term trend (1.2544) is of primary interest to them. A price consolidation below will affect the balance of power in the lower halves, but to achieve a longer and more reliable result, it is necessary to break through the support of the higher halves (1.2520-30). The return of the pair above the central Pivot level (1.2623) can return the players to increase the opportunities and prospects for the further rise. In this case, the closest reference point will be the maximum extremum (1.2669).
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
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