10.09.202112:45 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on September 10

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EUR/USD

The pair spent the last day in the attraction zone of the encountered supports of the daily timeframe, but neither the bears nor the bears managed to achieve results. The bears failed to break through the support level of 1.1815 (daily Fibo Kijun), while the bulls cannot go beyond the limits, staying in their attraction and influence zone located at 1.1834-52 (the lower border daily cloud and short-term trend). The next upward target is still at 1.1894 (weekly Fibo Kijun), and the nearest new support is set at 1.1787 (daily mid-term trend + weekly short-term). The week will be closed today. There is still no great clarity to assess the results and prospects.

The lateral correction continues in the smaller time frames. The central pivot level (1.1823) has been the center of attraction for more than a day. A movement above the level gives preference to strengthen the bullish mood. The main pivot point here is now the weekly long-term trend (1.1849). Today, it is combined with the daily levels (1.1834-52), so a breakdown and consolidation above these borders can affect the balance of power not only on the hourly time frame but also on the higher ones.

As for the bears, the intraday targets are the support of the classic pivot levels (1.1806 - 1.1787 - 1.1770), which are also strengthening at higher intervals.

GBP/USD

Yesterday, the bulls managed to confirm the pullback formed on Wednesday. Due to this, we are currently seeing a second attempt to test the important resistance zone of 1.3830-48 (weekly Fibo Kijun + monthly Tenkan). A successful breakdown of these levels will return the relevance to the following upward targets - 1.3910 (upper border of the daily cloud + weekly medium-term trend) - 1.3958 (upper border of the monthly cloud) - 1.3989 (the final border of the weekly dead cross of Ichimoku).

The advantages in the smaller time frames provided by the support of all analyzed instruments went to the bullish side. The upward movement is developing. The classic pivot levels (1.3880 - 1.3925 - 1.3989) can serve as upward pivot points. Today, the key H1 levels act as supports and join forces at 1.3815 (central pivot level + weekly long-term trend). Their breakdown can change the current balance of power again. Meanwhile, the supports of the classic pivot levels are now set at 1.3771 - 1.3707 - 1.3662.

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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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