15.07.202113:40 Forex Analysis & Reviews: Technical analysis and recommendations for EUR/USD and GBP/USD on July 15

EUR/USD

The bears failed to confirm their intentions yesterday. As a result, the pair returned to the attraction zone of the daily short-term trend (1.1833) after updating its lows and marked the beginning of a new upward correction. If the bulls managed to consolidate above in the near future and further rise, we can consider their prospects that remain in a wide resistance zone at 1.1920 (weekly Fibo Kijun) - 1.1934-71-85 - 1.2024 - 1.2051 (monthly Tenkan + weekly and daily levels).

The euro is currently trying to take control of the key levels in the smaller time frames, which form the resistances of 1.1838-15 (central pivot level + weekly long-term trend). The victory of the bulls and the continuation of growth will make the resistance of the classic pivot levels 1.1859 - 1.1882 - 1.1926 as pivot points. However, a consolidation below the key levels (1.1838-15) will open the way to the supports of the classic pivot levels, which are set at 1.1792 - 1.1748 - 1.1725.

GBP/USD

Bearish traders were not able to break through yesterday's support level of 1.3820 - 1.3793 (daily short-term trend + the final border of the weekly golden cross) while returning to test the resistances of 1.3883 - 1.3906 (weekly medium-term trend + daily Fibo Kijun). But as a result, the pair still remained in the range between these borders. It is worth noting that an exit and a sharp consolidation beyond these limits will allow us to consider new perspectives and opportunities.

For bulls, this is the zone of 1.3958 - 1.3990 (weekly and daily levels + monthly Senkou Span B). As for the bears, the pivot points are 1.3731 (minimum extreme) and 1.3636-98 (target for the breakdown of the daily cloud).

The situation in the smaller time frames is still focused around the key levels, which are joining forces in the area of 1.3839-49 (central pivot level + weekly long-term trend). Therefore, uncertainty greatly dominates now. Trading above the levels gives some advantage to bullish traders, whose pivot points are set at 1.3898 - 1.3940 - 1.3989. On the contrary, a decline and consolidation below the levels of 1.3839-49 will help strengthen bearish mood. The support for classic pivot levels can be noted at 1.3807 - 1.3758 - 1.3716.

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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.