21.04.202113:40 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on April 21

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EUR/USD

In the daily time frame, testing the resistance zone of 1.2064 (weekly Fibo Kijun) - 1.2092 (daily Senkou Span B) ended with a long upper shadow. This week's result will also be interesting. Currently, the development of the daily downward correction will return the relevance of a fairly wide support zone, which includes many levels from different time frames. The most significant and nearest support is located at the borders of 1.1976 (weekly cross + monthly short-term trend + daily Tenkan) - 1.1936 (daily Fibo Kijun) - 1.1890 (daily Kijun + weekly Fibo Kijun).

The downward correction is developing in the smaller time frames, which led to the fact that many technical instruments supported the bears. What's ahead is testing the key support level of the area, namely the weekly long-term trend (1.1999). A consolidation below which will allow us to talk about the completion of the bearish advantage on the H1 chart and at the same time, make further plans to develop the downward trend. In turn, it is important to rise above the level of 1.2046 (central pivot level) and update the high (1.2080) in order to recover the bullish interests.

GBP/USD

The interaction with the strengthened resistance zone 1.3955 (weekly short-term trend) - 1.4002 (upper border of the monthly cloud) led to a slowdown and a pullback. The development of the decline will return the pair to the previously overcome levels of the daily cross (1.3879 - 1.3839 - 1.3798), lower border of the daily cloud (1.3845) and the trend line. As mentioned earlier, breaking through the attraction of the encountered resistance zone (1.3955 - 1.4002) will open new direction for the bulls.

At the moment, the pound is making a correctional decline in the smaller time frames. The first pivot point of 1.3956 (central pivot level) has been overcome, and so, we will consider the nearest support levels 1.3903 (S1) - 1.3873 (S2). However, the main pivot point in this direction is set at the weekly long-term trend (1.3859). A consolidation below this level will change the current balance of power in the smaller period and allow us to consider new bearish prospects.

Alternatively, it is necessary for the bulls to break through the level of 1.3956 (central pivot level) and update the high (1.4008) and settle above it to complete the correction and restore the upward trend.

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.

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