17.07.202009:18 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on July 17

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Technical analysis recommendations for EUR/USD and GBP/USD on July 17

EUR / USD

Yesterday, the pair confirmed the slowdown again that was outlined when testing the resistance 1.1389 - 1.1422 (monthly Fibo Kijun + maximum June extreme). Moreover, it was possible to close the working day under the encountered resistance. Today, the result of the week is being formed. The nature of the weekly candle may affect the further development of events. The closest supports are now at the levels of the daily cross of Ichimoku - 1.1353 (Tenkan) and 1,1310 (Kijun).

During the day's slowdown, the players to decline at lower time intervals managed to enlist the support of many of the analyzed technical instruments, but the weekly long-term trend (1.1371) continues to uphold the bulls on H1. Now, breaking through the level of 1.1371 and a reversal movement will strengthen the bearish mood and the emergence of new prospects. Inside the day, they are the support of the classic Pivot levels 1.1355 - 1.1328 - 1.1284. Today, 1.1399 (central Pivot level) and 1.1442-52 (maximum extremes of the past days) acts as reference points for the restoration of positions by players on the rise. A consolidation above will restore the upward trend, completing daily slowdown.

GBP / USD

An active development of the bearish mood did not happen yesterday. The pair remained in the zone of attraction of daily levels and weekly Fibo Kijun (1.2520), which speaks more of the uncertainty of the current moment than the clear advantage of one of the parties. In this situation, the most significant reference points of this section, breaking through of which can affect the development of the situation, remain in their places. For bears, the levels of 1.2440-60 (monthly cross + weekly Tenkan + daily cloud) matters, the further interests of the players to increase remain tied to 1.2711-35 (monthly Fibo Kijun + weekly Senkou Span B).

The pound remains in the zone of attraction of key H1 levels, combining their efforts in the region of 1.2564-81 (central Pivot level + weekly long-term trend) today. Working below levels gives players a certain advantage in lowering, which we are observing at the moment, consolidating above levels increases the chances and advantages of players to increase. The downward trends within the day today are located at 1.2505 (S1) - 1.2459 (S2) - 1.2400 (S3). The reference points of the classic Pivot levels are located at 1.2610 (R1) - 1.2669 (R2) - 1.2715 (R3).

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

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