25.01.202111:25 Forex Analysis & Reviews: Technical analysis recommendations on EUR/USD and GBP/USD on January 25, 2021

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EUR/USD

Last week, the price closed with a rebound from the weekly supports at 1.2065-75 (Tenkan + Fibo Kijun) on the chart. However, there was little activity in the market on Friday. The pair remained in the zone of 1.2170. In addition, the levels of the daily Ichimoku crossover (1.2236 - 1.2202 - 1.2167 - 1.2138) had influence on the current situation. Today, to strengthen the value of the daily levels, the price has reached the weekly short-term trend (1.2136). Consequently, the zone of support and resistance (1.2236 - 1.2136) will determine the distribution of forces at the current moment. If the price consolidates above this zone, it will confirm the weekly pullback. If the price falls below these levels, it will deprive the euro of weekly short-term support. In such a case, one should focus on the entry into the daily cloud (1.2091) and the deepening of the weekly downward correction.

The central pivot level is located at 1.2171. The weekly long-term trend is at 1.2132. In case of a breakout and consolidation below these levels, as well as a reversal of the MA, the balance of forces will change on the hourly chart. As a result, the bearish trend may become a priority. As long as the pair remains above the key levels, the bullish trend will remain. Today, the resistance of the classic Pivot levels (1.2190 - 1.2209 - 1.2228) serves as a reference point for the continuation of the uptrend intraday.

GBP/USD

Bulls failed to finish last week on an optimistic note. The last week of January is ahead. It will determine monthly results. If bulls turn out to be unsuccessful on the monthly chart, it may lead to a deeper downward corrective move. In this regard, the downward correction to the weekly short-term trend (1.3439) and the liquidation of the daily Ichimoku gold crossout (1.3632 - 1.3532 - 1.3466 - 1.3400) will be of great importance.

Despite the fact that the pair is in the zone of the daily downward correction, bulls are still strong on the hourly chart, staying above the key levels located at 1.3683 (central pivot level) and 1.3657 (weekly long-term trend). Consolidation below the key levels will change the current balance of forces. Consequently, the support levels (classic Pivot levels of 1.3631 - 1.3583 - 1.3531) will become relevant. If bulls manage to stay above the key supports, the main task for them will be to reach a new high (1.3745).

Ichimoku Kinko Hyo = 9.26.52, Pivot Points - classic, Moving Average, period = 120

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