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EUR/USD
Yesterday, the euro broke the daily low, but a decline slowed down by the end of the day which makes an upward correction possible. Under the current conditions, the key target levels for bulls lies in the area of 1.1740-64 indicated by the daily Tenkan-Sen+the upper boundary of the daily cloud+the lower boundary of the monthly cloud. Another key area is 1.1820-30 as defined by daily Kijun and the daily Tenkan-Sen. In case the price continues sliding, the support levels for euro can be found at 1.1567 (the lower boundary of the daily cloud), 1.1521 (weekly Fibo/Kijun), and 1.1486 (monthly Fibo/Kijun).
According to smaller time frames, the EUR/USD pair is in the correction zone. It seems that market players intend to push the price above the central pivot point at 1.1660. The key target of the current correction is 1.1733 while intermediate resistance levels can be found at 1.1694 (R1) and 1.1721 (R2). Bulls have managed to break above 1.1733, reverse the moving average and overcome the resistance levels of bigger time frames (1.1740-64). Next, they are most likely to try to gain control on smaller time frames. At the same time, if the upward correction comes to an end, and the price declines below 1.1626, the downward targets will lie at 1.1599 (S2) and 1.1572 (S3).
GBP/USD
The GBP/USD pair continued fluctuating near the support area 1.2111-77 (weekly Kijun + monthly Fibo/Kijun + the lower boundary of the daily cloud). Today is the last day of this trading week. The results of this day can help us forecast the future price movements, in particular, whether the price will break out of the lower boundary of the daily cloud and weekly short-term trend will reverse. The nearest target levels for the upward correction are the daily Tenkan-Sen (1.2840) and weekly Fibo/Kijun (1.2943). In case the downward trend recovers, bears will try to liquidate the Golden Cross the last border of which is the support at 1.2612.
At the same time, bulls aim to gain control on smaller time frames in the course of an upward correction. The key upside targets are located at 1.2737 (the central pivot point) and 1.2796 (weekly trend). If the price breaks above these levels and the moving average reverses, the balance of power on smaller time frames will change, so we will shift our attention to the bigger time frames. The resistance levels are located at 1.2828 (R2) and 1.2877 (R3). If the pair fails to break the central point at 1.2737 and an upward trend with the target at 1.2674 recovers, the support levels at 1.2646 (S2) and 1.2604 (S3) will become valid again.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Avarage (120)
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