12.02.202110:11 Forex Analysis & Reviews: Technical Analysis Recommendations for EUR/USD and GBP/USD 02/12/21

EUR / USD

Over the past days, there's no active actions that were observed, the pair remained in the zone of attraction and influence of a fairly strong resistance zone formed by the accumulation of many Ichimoku levels of the older time intervals in the range of 1.2150 to 1.2200. In case of strengthening of bearish sentiment, 1.2051-64 (daily Tenkan + weekly Fibo Kijun) will continue to be an important support line.

The lack of directional movement quickly led to uncertainty and neutrality of positions. As of this moment, the pair is still working in the correction zone based on the H1, using the attraction and influence of the central Pivot level of the day (1.2131). Fixing higher and updating yesterday's high (1.2150) will return the pair to the fight to overcome the resistance of the older halves (1.2150-70 - 1.2200). When updating the correction minimum (1.2113), we should expect a decline in the area of the key level of the lower halves, which can affect the change in the balance of power, which is now located at 1.2088.

GBP / USD

The last day did not bring the players to increase the continuation of the rise to the nearest resistance level of 1.3904 (the first target for the breakdown of the weekly Ichimoku cloud). The pair indicated breaking. With the development of a downward correction, the previously passed level of 1.3758 and the daily golden cross can enter the work as support (1.3715 - 1.3658 - 1.3609).

Based on the lower time frames, the development of a downward correction led the pound to support the weekly long-term trend (1.3781). The breakdown of the level and its reversal can affect the current balance of power, indicating preferences for further strengthening of bearish sentiment. The next intraday support in this case will be S2 (1.3764) and S3 (1.3729). These levels are strengthened by the support of the higher halves (1.3758 -15), so they will also be important. The formation of a rebound from the met supports and a return to the side of the players to increase the central Pivot level of the day (1.3823) may contribute to the continuation of strengthening the positions of the players to increase, who will try to complete the current correction, restoring the uptrend (1.3865).

In the technical analysis of the situation, the following methods are used:

Higher time frames-Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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