08.07.202009:42 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on July 8

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Technical analysis recommendations for EUR / USD and GBP / USD on July 8

EUR / USD

The pair tested the zone of influence of the previous maximum (1.1349) and returned to the accumulation of daily cross levels (Tenkan 1.1265). The general situation has not changed, the main tasks and goals also remain the same. Bears are separated from the restoration of their advantages by support 1.1245 (monthly Kijun) - 1.1197 (upper border of the weekly cloud) - 1.1167 (weekly Fibo Kijun). Working above these supports leaves opportunities for strengthening players to increase, for which after updating the level of 1.1349, the question will arise about breaking through the resistance 1.1389 - 1.1422 (monthly Fibo Kijun + maximum June extreme).

There is a struggle to possess the most important levels at lower time intervals. Today, they are joining forces in the area of 1.1288-68 (central Pivot level + weekly long-term trend). Consolidation under the levels and the reversal of the moving will change the balance of forces on H1 in favor of the players to decline. The classic Pivot levels of 1.1245 - 1.1215 - 1.1172 can serve as guidelines for the decline within the day. Working above key levels (1.1288-68) retains the current advantage on the side of players to increase. Supporting points, in the form of resistance of the classic Pivot levels, are located today at 1.1318 - 1.1361 - 1.1391.

GBP / USD

The players to increase continue to use the strength of significant supports in the region of 1.2440-60 (monthly cross + daily Tenkan) to test resistance. The resistances are now located at 1.2520-30 (daily Kijun + weekly Fibo Kijun) and 1.2598 (daily Fibo Kijun). Consolidating above will eliminate the dead cross of the day and open the way to the following landmarks. The loss of support (1.2440-60) will contribute to the emergence of new opportunities for players to lower, but talking about bearish prospects will be possible only after breaking through the weekly medium-term trend of 1.2307.

On H1, the players to increase managed to stay above the weekly long-term trend yesterday, thanks to which they continued to rise as it updated the maximum of last week. At the moment, the pair is in the zone of nascent correction again. The upward reference points, in the form of classic Pivot levels, are located today at 1.2600 // 1.2660 // 1.2729. The key support in the event of a corrective decline will meet the pair at 1.2531 (central Pivot level) and 1.2489 (weekly long-term trend). Consolidation below and reversal of the moving average will affect the current balance of forces and form the prerequisites for further strengthening of bearish sentiment. In turn, support for classic Pivot levels can be noted at 1.2471 // 1.2402 // 1.2342.

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

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