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EUR/USD
The euro/dollar price dropped from the upper limit of the Ichimoku day cross. Today, the pair tested the most important support levels of 1.1700-40 (lower limit of the monthly cloud + weekly short-term trend + upper limit of the daily cloud). Uncertainties around the pair's movement may fade away if it fixes below the mentioned levels. However, if the pair rebounds, it will be quite difficult to predict its future. Today, traders are mainly focused on the daily cross. The main levels for today are located at 1.1827-1.1875.
Yesterday, bears managed to fix below the key support levels on smaller time frames. As a result, now they are controlling the price on the one-hour chart. Bears have already reached the support level S2 1.1734). Their next target is located at S3 (1.1679). Today, the key levels are forming the resistance zone near 1.1829-46 (central pivot level + weekly long-term trend). If the price consolidates above the mentioned levels, it is likely to rebound from the support levels on bigger time frames. This, in turn, will allow bulls to obtain a chance for dominance. During the day, classical pivot points (1.1869-1.1924-1.1967) are acting as upward signals.
GBP/USD
The upward correction brought the pound/dollar pair to the strong resistance levels of 1.3000-40 (weekly short-term trend + daily Tenkan + Fibo Kijun). If bears are planning to get absolute control, it is time to stop the correction and resume falling. The nearest key level is located at 1.27 (Fibo Kijun of the month and weeks + lower limit of the daily cloud). However, if the pair breaks the resistance levels of 1.3000-40, it may jump higher to 1.3121 (daily Kijun) and 1.32 (daily Fibo Kijun + historical level). It means that bears will have to cancel their plans.
After hitting resistance on bigger time frames, bulls lost some of their positions, including the key pivot point (1.2948) and support of technical indicators. However, if the price fixes below the level of 1.2762, the downtrend could be resumed. If bulls manage to keep control of the positions, the pair may advance to the classical pivot points located at 1.3022-1.3080-1.3154.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)
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