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05.05.202113:40 Forex Analysis & Reviews: Technical analysis and recommendations for EUR/USD and GBP/USD on May 5, 2021

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EUR/USD

Exchange Rates 05.05.2021 analysis

The euro showed a downward movement yesterday, finding itself at a fairly wide and strong support zone today. Its main borders are set at 1.1977 - 1.1947 - 1.1927 (daily cloud + monthly Tenkan + levels of the daily and weekly Ichimoku cross). The encountered support area is strong enough and is important. The interaction is more likely to lead to a slowdown, consolidation, or the formation of a rebound. The overcome levels earlier act as resistance levels at 1.2027 (weekly medium-term trend) - 1.2068 (daily short-term trend) - 1.2105 (weekly Fibo Kijun). If the bulls manage to reach preponderance of forces, then the breakdown of the strong support zone (1.1977-47-27) and a sharp consolidation below can open up new prospects for them and ensure a longer bearish dominance in the market.

Exchange Rates 05.05.2021 analysis

The bears have the advantage in the smaller time frames. They are currently testing the first support of the classic pivot levels (1.1986), then the intraday bearish interest will be directed to 1.1960 (S2) and 1.1920 (S3). Today's key H1 levels are forming resistances at 1.2026 (central pivot level) and 1.2067 (weekly long-term trend). The breakdown of these levels can change the current balance of power in the smaller period.

GBP/USD

Exchange Rates 05.05.2021 analysis

The strengthened support zone of 1.3842 - 1.3806 (levels of the daily and weekly Ichimoku cross) continues to help the bulls to maintain their interests. The attraction of the daily cloud also has a certain effect. In order to strengthen the bullish mood, the resistance levels of 1.3958 (upper border of the monthly cloud) and 1.4008 (maximum extremum) should be broken. On the other hand, the breakdown of the support zone (1.3842-06) and subsequent movement below these levels will direct all bearish forces to reach the range of 1.3669-72 (minimum extremum + weekly medium-term trend).

Exchange Rates 05.05.2021 analysis

The pound sterling continues to remain uncertain in the smaller time frames. The key levels of 1.387 (central pivot level) and 1.3897 (weekly long-term trend) have recently been horizontal, and the market is in their attraction zone. Today, the pivot points of the classic pivot levels, which are the most significant for intraday movements, are seen at 1.3917 - 1.3951 - 1.3990 (resistance) and 1.3844 - 1.3805 - 1.3771 (support).

***

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.

Evangelos Poulakis
Analytical expert of InstaForex
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