07.08.202010:59 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on August 7

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Technical analysis recommendations for EUR / USD and GBP / USD on August 7

EUR / USD

The July high has been updated, but the players failed to close the previous day higher. Today, we close the week. I think that the bulls will not be able to close above 1.1909 (the maximum extreme in July) even in the weekly half. Therefore, it is too early to talk about a full recovery of the upward trend. The chances for the development of a correctional decline are still great. The support zone retains its location and value at 1.1813 - 1.1740 - 1.1695 (worked out weekly target + monthly Senkou Span A + daily Tenkan).

A long stay in the correction zone has yielded results. Most of the technical indicators tuned in to further strengthen bearish sentiment. The central pivot level also defended the interests of the bearish players, forming resistance at 1.1870 today. As a result, the transition of all major advantages to the bearish side is now opposed by only the weekly long term trend (1.1814). A consolidation below and a reversal of moves will contribute to a further decline towards subsequent downside targets within the day. For example, they are S2 1.1772 and S3 1.1726.

GBP / USD

The key resistance zone, historically formed around 1.32, remains unconquered. The formation of a deep correction with the development of a rebound from the met resistance zone (1.3169 maximum extreme in July + 1.32 historical resistance) is still relevant. The nearest supports today can be found at 1.3011 (daily Tenkan) and 1.2964 (weekly Senkou Span A).

The downward correction has reached the support of the weekly long term trend which is now located at 1.3100. A consolidation below and a reversal of moving averages can change the current balance and give preference to players for a fall. The next downside targets within the day today may be the support of the classic Pivot levels 1.3067 and 1.3025. A return to the bulls' side of the central pivot level (1.3144) will level the current achievements of the bears and again bring the pair back to thinking about the priorities of further movement.

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

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