11.01.202112:50 Forex Analysis & Reviews: Technical recommendations for EUR/USD and GBP/USD on January 11

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EUR/USD

There was a formation of new prerequisites for a full-fledged downward correction in the weekly time frame, despite updating the high. During the other day, the bulls lost the support of the short-term trend in the process of decline. The all-time level of 1.2170 and the final levels of the daily cross are currently being tested. A reliable consolidation below eliminates the daily golden cross of Ichimoku, which can result in the opening of a next downward pivot point – the weekly Tenkan (1.2075). Among these pivots, a downward target for the breakdown of the H4 cloud (1.2116 - 1.2091) can also be noted. The strength of the encountered support (1.2170) can now contribute to a long slowdown and some recovery of positions. At this time, the main level will be the result of interaction with the overcame levels of the daily cross, which exert an attraction on the zone of 1.2204 - 1.2238 - 1.2258.

All analyzed technical instruments in the smaller time frames provide support on the bears' side, giving them advantage. Currently, the strength of the first support level (1.2179) is being tested. Further supports of the classic pivot levels are located at 1.2140 and 1.2087. In turn, the key resistance levels which are responsible for the distribution of forces in the same time frames are at 1.2232 (central pivot level) and 1.2272 (weekly long-term trend) today.

GBP/USD

Last Friday, the bearish traders won. This led to the continuation of the downward correction as the new week began. The attraction is now in the range of 1.3538-74 (historical level + daily Tenkan). At the moment, the current support level of 1.3481 (historical level + daily Fibo Kijun) is being tested. The pivot points for further decline is 1.3416 (weekly Tenkan + daily Kijun) and 1.3350 (monthly Senkou Span A + daily Fibo Kijun).

The bears are now enjoying their advantage in the smaller time frame. With the support of all analyzed technical indicators, they implement a decline. As a result, the second support level of 1.3481 (S2) is being tested, while the next support level of 1.3424 (S3) can serve as an intraday pivot point. The key support levels are joining forces in the area of 1.3579-86 (central pivot level + weekly long-term trend) today. If a consolidation occurs above, it will change the current balance of power in the smaller time frame, returning bullish prospects.

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

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