Stay 
Trading Conditions
Products
Tools
EUR/USD
The bulls continued to rise yesterday and confirmed the rebound from the encountered support level of 1.1290 (monthly Fibo Kijun) in the daily timeframe. Today, the current week will be closed, so the result of the weekly timeframe is important. The attraction zone in this situation is still 1.1290 mark. The nearest resistance is a fairly wide zone, led by the monthly borders of 1.1447-74-92 (Ichimoku cloud + medium-term trend). The first downward target if the level of 1.1290 is broken is the weekly target for the breakdown of the cloud (1.0960 - 1.0806).
Testing the zone of key resistances in the smaller timeframes, which are combining their forces in the area of 1.1369-52 (central pivot level + weekly long-term trend), provoked bearish activity. For the bears, their current main task is to restore the downward trend (1.1264), while for bulls, it is important for them to consolidate above the key levels (1.1369-52) and reverse moving averages in order to change the current balance of power.
GBP/USD
The corrective growth did not have its former effectiveness yesterday, and today, the bulls are trying to level out all past achievements, due to which they have almost returned to the area of the historical level of 1.3411. The breakdown of the level of 1.3411 and consolidation below the current minimum extreme (1.3352) will restore the daily and weekly downward trend and will serve as a return of bearish mood.
The bulls controlled the situation in the smaller timeframes for a few days, but today, the bears called the bullish advantage into question. The loss of key levels of 1.3489 (central pivot level) - 1.3448 (weekly long-term trend) will change the current balance of power in favor of strengthening the bearish mood. The next task in this direction will be to update the low (1.3352) and restore the downward trend of the smaller and higher periods.
***
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
