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EUR/USD
The bulls failed to be convincing during yesterday's confrontation. As a result, the daily short-term trend (1.2179) continues to be the center of attraction, while the bears increase their activity. The supports are still forming a fairly wide zone and each of them may have its own impact 1.2150 - 1.2126 - 1.2103 - 1.2068 (historical level + levels of daily and weekly Ichimoku crosses). If the mood sharply changes, the upward pivot points will remain at 1.2243 (historical level) and then at 1.2345 - 1.2416 (target for the breakdown of the daily Ichimoku cloud).
Bearish traders are fighting for the weekly long-term trend in the smaller time frames. To change the priorities on the H1 chart, a consolidation below and reversal of the MA is necessary. If the decline continues, the supports for the classic pivot levels set at 1.2143 (S2) and 1.2114 (S3) will be useful.
On the contrary, the restoration of bullish positions and a return to the central pivot level (1.2190) may end the current decline and allow the bulls to increase and test an important resistance level of 1.2243 (historical level). We can note the other resistances of the classic pivot levels at 1.2208 - 1.2237 - 1.2255.
GBP/USD
At the moment, the bears are trying to dominate by breaking through the support levels that have been restraining the development of the situation for a long time. In this case, it will be possible to consider opportunities for a decline to the following downward trend targets – 1.4052 (daily medium-term trend) - 1.4008 (historical level + daily Fibo Kijun) - 1.3959 (weekly short-term trend + upper border of the monthly cloud + daily cloud ).
If the pound fails to break through the lower border (1.4090), it will most likely remain in the consolidation zone for some time. The daily short-term trend (1.4160 retains its role as the center of gravity of the current consolidation.
The bears are currently in favor in the smaller periods. They are testing the first support of the classic pivot levels (1.4086) for strength. We can note the next support levels at 1.4058 (S2) and 1.4007 (S3). Today, the key levels will join forces at 1.4140 (central pivot level + weekly long-term trend). A consolidation above it will change the current balance of forces. If so, the resistances of the classic pivot levels (1.4165 - 1.4216 - 1.4244) will become the intraday upward pivot points.
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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.
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