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EUR/USD
The struggle below the historical level, after several unsuccessful attempts to break through it, turned into a downward correction. Support levels such as the daily short-term trend (1.2188) and the combination of the daily Fibo Kijun and the historical level at 1.2150-59 were overcome. These borders have been turned into resistance levels. Now, the level of 1.2126 (daily medium-term trend) is being tested, and the range of 1.2093 - 1.2102 (daily Fibo Kijun + weekly Fibo Kijun) is on the horizon. If the day closes below the area of 1.21, the question will be raised about the elimination of the daily Ichimoku golden cross, and a weekly bearish mood will be formed to continue the decline.
The advantage in the smaller time frames belongs to the bears due to the current downward trend. The intraday downside targets are the support of 1.2092 - 1.2057 - 1.1996 (classic pivot levels). In turn, the key levels on the H1 form a resistance zone in the area of 1.2153 (central pivot level) - 1.2194 (weekly long-term trend). The breakdown of which and consolidation above can change the balance of power in the smaller intervals, as well as prevent the bears from reaching a clear advantage at the close of the week.
GBP/USD
The bears tend to make themselves known on a weekly basis. The fulfilled daily target for the breakdown of the Ichimoku cloud (1.4090), strengthened by the daily Fibo Kijun (1.4077), still provides support. Thus, the breakdown of the supports and consolidation below will add confidence to the bearish traders at this week's close, which will lead to the formation of new prospects.
On the other hand, the target (1.4061-79) at the H4 chart now serves as a support and pivot point. If the positions are restored, bullish traders may encounter resistances of 1.4137 - 1.4165 (daily short-term trend).
The current advantage on the hourly time frame is on the bears' side. The downward pivot points are set at 1.4059 - 1.4014 - 1.3943 (classic pivot levels). In turn, the key resistance zone, which is responsible for the balance of power in the smaller periods, is currently at 1.4130-66 (central pivot level + weekly long-term trend). Growth and trading in the attraction zone at 1.4130-66 will return the pair to the area of attraction and influence of the daily short-term trend (1.4165), which is likely to maintain uncertainty.
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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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