05.03.202111:41 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on March 5

EUR/USD

The pair continued to decline after retesting the broken level and fell to the next support area, which was previously noted at the limits of 1.1975 - 1.1952 (weekly medium-term trend + February minimum extremum). At the same time, the Euro currency left the daily cloud and formed a downward target for breaking the cloud. The week will be closed today. A good bearish result will cancel the weekly gold cross of Ichimoku (final level of 1.1887) in the bears' plan. If this is the case, we can note significant pivot points for the decline, that is, the monthly short-term trend (1.1766) and the daily target for the breakdown of the cloud (1.1821 - 1.1762).

There is an active downward trend in the smaller time frames, with the bears forming a new low and is being supported by all analyzed technical instruments. Today, the intraday pivot points are the support of the classic pivot levels 1.1934-1.1896-1.1830. In turn, the key resistances responsible for superiority and preserving the current balance of power are set at 1.2000 (pivot level) and 1.2059 (weekly long-term trend).

GBP/USD

The pair is making an attempt to break through the support level after taking a break and declining. This will allow the bears to break the daily Ichimoku gold cross (final borders of 1.3904 - 1.3823) and take over the weekly short-term trend (1.3845). The next downward targets will be the weekly Fibo Kijun (1.3642) and the daily cloud. However, the uncertainty will remain if they fail in this direction again and return to the previous consolidation zone. If so, the bulls will have a chance to break through the resistance of the upper limit of the monthly cloud (1.4118) and the weekly target for the breakdown of the cloud (1.4181).

On the H1 chart, the bearish traders are in favor. They are almost testing the first support of the classic pivot levels (1.3840). If this plan is fulfilled, the next pivot points will be considered at 1.3791 (S2) and 1.3703 (S3).

Today, the key levels are forming resistance in the area of 1.3928-38 (central pivot level + weekly long-term trend). If it consolidates above it, the balance of forces in the H1 chart may change.

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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.