20.05.202113:40 Forex Analysis & Reviews: Technical analysis and recommendations for EUR/USD and GBP/USD on May 20, 2021

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EUR/USD

The euro formed a daily pullback and went into a fairly deep downward correction after testing the historical level of 1.2243. Now, the bears will try to hold the situation and confirm the rebound. The nearest significant support is set at 1.2150-48 (daily short-term trend + historical level). Further, the most important and strong area is 1.2102 - 1.2094 (daily medium-term trend + weekly level). Here, the closest support is located at 1.2130 (daily Fibo Kijun). If bulls return in the area of 1.2243 and break through this level, the upward pivot points – resistances of the maximum extremum (1.2349) and the daily target for the breakdown of the cloud (1.2345 - 1.2416) will be relevant again.

The pair remains in the correctional zone in the smaller time frames. Bearish traders took control of the central pivot level (1.2193) and are now retesting it. If they manage to maintain the level for themselves, their interests will rush to gain the weekly long-term support (1.2156). The breakdown of this level, strengthened by the levels (1.2150-48) in the higher time frames, will change the current balance of power and open up new prospects.

The next intraday support will be the classic pivot levels of 1.2141 - 1.2108 - 1.2056. If the bulls regain the level of 1.2193, then the recovery of positions will most likely continue. The most important thing in this case is to restore the upward trend (1.2245) and break through the resistance level (1.2240) in the higher period.

GBP/USD

Yesterday, bulls failed to reach and test the historic level of 1.4240. This task is still urgent for them. Due to the fact that the bears took control during the last day, a deep correctional decline was executed. Currently, the euro met the support of the daily short-term trend (1.4102), the level is trying to help restore the bullish position. If the bulls fail again and the supports are broken through, the next pivot point to develop the downward correction will be the support zone of 1.4026-08 (daily Fibo Kijun + historical level).

The key borders 1.4137-18 (central pivot level + weekly long-term trend) in the smaller time frames are now strengthened by the daily short-term trend (1.4102) and so, breaking through and sharply consolidating below them will change the current balance of power not only on lower intervals, but also will be reflected in the daily one.

Today, the next intraday support levels are set at 1.4073 - 1.4036 - 1.3972 (classic pivot levels). The recovery of positions and bulls movement above the range of 1.4118-37 will allow us to consider the possibility of the recovery of the upward movement by updating the high of 1.4219. The nearest support is currently located at 1.4174 (R1).

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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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