The bulls took a break yesterday, remaining in the attraction and influence zone of 1.1280-90, where the daily short-term trend and the final level of the monthly Ichimoku golden cross combined. Today, the bulls have already updated last week's high and so far intend to resume their growth. The main pivot points retain their location, so the tasks are the same. For further prospects, it is important for them to test and break through the accumulation area of resistance in the 1.1439 - 1.1492 area (monthly levels + weekly short-term trend + final levels of the daily Ichimoku cross). The nearest resistance on this path can be the daily Fibo Kijun (1.1379).
The bulls were able to complete the decline in the smaller timeframes, retaining key support, and hence the main advantage. At present, they are conquering new peaks, developing an upward movement. The final resistance of the classic pivot levels set at 1.1375 (R3) currently remains as the intraday pivot points. Today's key levels protect bullish interests at the borders of 1.1288 (central pivot level) and 1.1250 (weekly long-term trend). A consolidation below will change the current balance of power in the smaller intervals and will require a new assessment of the situation.
During the past day, the pair retained the mood of the previous days, remaining in the zone of the emerging slowdown. The nearest pivot points are now 1.3395 - 1.3411 (daily short-term trend + historical level) and 1.3248 (the lower limit of the weekly cloud). Going beyond these borders and securely consolidating outside will allow us to consider the end of the slowdown and the emergence of prospects for the development of a new more productive movement.
Bullish traders in the smaller timeframes failed to break through the key levels yesterday, but today's new attempt may succeed. The key levels are now joining forces within 1.3320-35 (central pivot level + weekly long-term trend). Trading above these levels gives an advantage to the bulls, who are currently testing the first resistance of the classic pivot levels (1.3353). The next resistances such as 1.3395 (R2) and 1.3428 (R3) will serve as further upward pivot points.
Meanwhile, a consolidation below the range of 1.3320-35 will return bearish sentiment to the market. Their downward pivot points can be noted at 1.3278 - 1.3245 - 1.3203 (supports for the classic pivot levels).
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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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