05.05.202011:06 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on May 5

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Technical analysis recommendations for EUR/USD and GBP/USD on May 5

Economic calendar (Universal time)

There are few important events in today's economic calendar. For the rest of the day, only data on the composite index of the non-productive sphere in the USA (14:00) can be distinguished.

EUR / USD

On the first day of the new week, the players to increase took a break, due to which the pair went down to the support area of the daily cross, led by the daily short-term trend (1.0873). The formation of the rebound from the support they met and the preservation of the advantages on the side of the players to increase will restore the position and break the further implementation of the previously outlined upward plans. The breakdown of the daily cross will lead to the strengthening of the bears and will open the way to the next support lines located in the region of 1.0727-78 (minimum extremum + historical level).

On H1, the players to decline went down to the key support, which determines the balance of power. If it is now possible to break through the moving and expand it, then the strengthening of the bearish sentiment will continue. The intraday supports are S1 (1.0877) - S2 (1.0846) - S3 (1.0797). If the test ends with the return and consolidation of the pair above the key H1 levels of 1.0905-26 (weekly long-term trend + central Pivot level), then the players to rise can regain important support, begin to form a rebound from the support of upper times, realizing the potential of last week and month.

GBP / USD

The pair continues to remain in the zone of influence and attraction of the most important and strong levels of this area, accumulated in the region of 1.2450 - 1.2540, using the support of the day cross (Tenkan 1.2470 + Kijun 1.2406). As a result, the conclusions and expectations about possible options for the development of events, voiced earlier, have not changed. For players to decline, 1.2450-70 - 1.2406 - 1.2349-05 - 1.2213 - 1.2126 are important. For players to increase, they can have a value of 1.2540 - 1.2670 - 1.2711.

At the moment, the pair on H1 is testing for strength the main resistance zone 1.2444 - 79 (central Pivot level + weekly long-term trend), which is responsible for the distribution of forces in the lower halves. Stable development below the zone will strengthen the players to lower and open up new perspectives for them. Today, support for the classic Pivot levels are located at 1.2403 - 1.2363 - 1.2322. Consolidation above 1.2444 - 79 will give the advantage of lower halves to players on the rise, who will seek to strengthen and restore their positions at higher time intervals. The resistances of the classic Pivot levels 1.2525 (R2) and 1.2565 (R3) are reinforced today by the resistances of the upper boundary (1.2540) of the key resistance zone of the higher halves.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

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