11.08.202010:06 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on August 11

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EUR / USD

At the moment, we are seeing the development of a daily downward correction. Attraction and support are provided by the levels of the fulfilled weekly goal for the breakdown of the cloud (1.1695 - 1.1813) and the lower border of the monthly Ichimoku cloud (1.1740). The next important reference point for the decline is the area of 1.1585-42 (daily Kijun + weekly Tenkan). Now, it is necessary to consolidate above the maximum extreme of the last week (1.1916) to exit the correction zone and restore the upward trend.

In the smaller halves, the bearish players continue to maintain the advantage, staying under key resistances. Today, the most important levels for H1, which are responsible for the balance of power, are located at 1.1757 (central pivot level) and 1.1812 (weekly long-term trend). The classic pivot levels 1.1714 (S1) - 1.1691 (S2) - 1.1648 (S3) are now serving as declining targets and intraday supports. If the players are active to increase and consolidate above the key levels (1.1757 - 1.1812), the current advantage in the distribution of forces will be violated in the lower halves, and the main task for further strengthening of bullish sentiments will be to restore the upward trend (1.1916).

GBP / USD

The meeting with the important historical resistance zone located in the area of 1.32 provoked deceleration again and the development of a downward correction in the D1 TF. As a result of the fact that on the daily timeframe the Chinkou (Ichimoku) line, when it meets the resistance zone, fixed the maximum vertical distance from the price chart, we can expect that the current downward correction will be longer and most likely quite effective. At the moment, support is provided by the daily short-term trend (1.3064). Further reference points for correction are 1.2908-38 (daily Fibo Kijun + weekly Senkou Span A) - 1.2824 (daily Kijun) - 1.2735-11 (weekly Senkou Span B + Tenkan + monthly Fibo Kijun + daily Fibo Kijun).

The pair has been in the zone of attraction of key levels for quite a long time on lower time intervals. Today, they are located at 1.3063 (central pivot level) and 1.3093 (weekly long-term trend). Working within the boundaries of the levels speaks of uncertainty, the absence of explicit preferences. A consolidation above and a reversal of the moving average will strengthen the bullish opportunities. Upward guidance within the day is now located at 1.3108 (R1) - 1.3147 (R2) - 1.3192 (R3). Working below the levels ensures the development of a bearish mood. On the other hand, intraday downside targets are at 1.3024 (S1) - 1.2979 (S2) - 1.2940 (S3) today.

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

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