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09.12.202012:01 Forex Analysis & Reviews: Technical recommendations for EUR/USD and GBP/USD pair on 12/09/20

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EUR / USD

Exchange Rates 09.12.2020 analysis

The pair is not in a rush to develop a corrective decline. The daily short-term trend has slightly moved forward today, so the support zone has been expanded to 1.2020-45 (daily Tenkan + monthly Senkou Span B + 100% of the daily target). If the bulls find the strength to complete the correction (highest extremum of the correction is 1.2177) and manage to securely consolidate above, continuing the upward trend, then new prospects will be considered. The nearest pivot point will be the level of 1.2555.

Exchange Rates 09.12.2020 analysis

The uncertainty in the higher time frame has led to the fact that the pair works in the attraction zone of key levels in the smaller time frames, alternately moving away from them only for insignificant distances. The key levels in the smaller time frames are currently located in the area of 1.2111-22 (central pivot level + weekly long-term trend). The intervals of intraday support and resistance, formed by classic pivot levels, are narrowed today. The resistance levels can be noted at 1.2149 (R2) - 1.2164 (R3), while support levels are at 1.2088 (S1) - 1.2073 (S2) - 1.2050 (S3).

GBP / USD

Exchange Rates 09.12.2020 analysis

The attempt of the bears failed again and so they had to return to the monthly cloud (above 1.3350) by the close of the day. As a result, the situation has not changed dramatically. The main conclusions and expectations remain the same. On the other hand, the zone of 1.3381 - 1.3350 (daily Tenkan + monthly Senkou Span A) is now the center of attraction and influence. The nearest resistances are located within 1.3481 - 1.3538 (maximum extremes), while the most significant supports are combined around 1.32 (historical level + weekly Tenkan). Today's closest support levels are found at 1.3299 (daily Fibo Kijun) and 1.3225 (daily Kijun).

Exchange Rates 09.12.2020 analysis

The pair spends most of its time near the key levels of the smaller time frame, which are joining forces today around 1.3345 -89 (central pivot level + weekly long-term trend) and have support from the larger time frames (1.3350-81). Moving above this attraction zone will lead to the strengthening of the bullish moods. In view of this, the resistance levels of 1.3449 (R2) - 1.3505 (R3) can serve as pivots within the day.

On the contrary, a decline to the levels (1.3345-89) and a reliable consolidation below will give bears the advantage. Their supports, in the form of classic pivot levels, are located today at 1.3297 - 1.3241 - 1.3193.

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

Evangelos Poulakis
Analytical expert of InstaForex
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