12.08.202011:28 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on August 12

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Technical analysis recommendations for EUR/USD and GBP/USD on August 12

EUR / USD

Yesterday, the pair tested the resistance of 1.1806-13 (daily Tenkan + level of 100% working off the weekly target) and returned to the zone of attraction 1.1740 (lower border of the monthly cloud). The movement had no effective consequences, therefore, it did not change the main conclusions and expectations mentioned earlier. The zone of attraction is still 1.1813 - 1.1740 - 1.1695, anchoring below can increase corrective opportunities. In this case, the next reference point will be the area 1.1585-42 (daily Kijun + weekly Tenkan). A consolidation above and restoration of the upward trend (1.1916) will return the prospects for an increase to the upper border of the monthly cloud (1.2167).

Despite yesterday's corrective rise, the bearish players managed to maintain the support of the weekly long-term trend in the lower halves. The preservation of advantages allowed them to set a new minimum. Today, the downward guidance for the continuation of the decline within the day is the support of the classic Pivot levels (1.1705 - 1.1670 - 1.1619). The key levels of the lower halves, providing the preponderance of the forces, are currently acting as resistances again, which are located at 1.1756 (central pivot level) and 1.1803 (weekly long-term trend).

GBP / USD

The pound remains in the zone of influence of the daily short-term trend. Yesterday, the pair managed to close below this level, but did not indicate a greater result. Today, the daily Tenkan is located at 1.3083; it, together with the historical level of 1.32, is now acting as a resistance and defending the interests of the downside traders. The nearest supports are currently joining their efforts in the area of 1.2915-38 (daily Fibo Kijun + weekly Senkou Span A).

The upsiders did not manage to consolidate above the weekly long-term trend yesterday. As a result, the initiative went over to the opponent's side, but he has not yet fulfilled its main task in this area. The minimum extremum of the last week (1.2980) remains unconquered. The key levels of lower time frames are joining forces in the area of 1.3072-94 (central Pivot level + weekly long-term trend) today. They still exert attraction and hold back the situation, due to which they remain almost horizontal. Meanwhile, classic Pivot Levels are currently forming support at 1.3013 - 1.2982 - 1.2923 and resistance at 1.3103 - 1.3162 - 1.3193.

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

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