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EUR/USD
Despite the fact that the pair recorded a new low yesterday, it kept its location and moved around the zone of attraction and influence of the all-time level of 1.2170, which is now strengthening the daily Ichimoku gold cross. Currently, the main tasks of the bears are to eliminate the daily cross and execute the weekly correction to the first target – the weekly short-term trend (1.2075). As for the bulls, it is important for them to maintain consolidation and secure the daily cross (1.2238 - 1.2204 - 1.2170) and the all-time level of 1.2170.
The pair is not only below the significant levels in the upper time frames, but also below the key levels of the lower ones, which are located at 1.2174 (weekly long-term trend) and 1.2148 (central pivot level) today. As long as this situation continues, the bears will remain in favor. The intraday downward pivot points are the support of the classic pivot levels (1.2116 - 1.2080 - 1.2048). On the other hand, if a consolidation occurs above the key levels (1.2148-74), it will affect the current balance of power. In this case, the resistance levels of 1.2184 (R1) - 1.2216 (R2) - 1.2252 (R3) will serve as benchmarks. These resistances are strengthened by the levels (daily cross) in the higher time frames, so breaking them will open up new bullish prospects not only on the hourly chart.
GBP/USD
The next update of the maximum did not lead to a change in the situation. The bulls did not manage to achieve anything convincing. Therefore, the situation remains controversial without any clear leads and prospects. For bulls, the first target for breaking the weekly cloud (1.3904) looms on the range, while for the bears, the nearest corrective pivots at the daily Tenkan (1.3580) and the weekly Tenkan (1.3422) are considered.
The pair is in deep correction in the smaller time frame, overcoming the central pivot level (1.3670). Therefore, we will continue to the next pivot point for the decline, which is the weekly long-term trend (1.3605). But the balance of power will change in case of a breakdown and reversal of the moving average. Today is the close of the week. It is possible that more significant movements will only appear next week, and this will allow us to talk about the current clear advantage of either side.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)
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