empty
 
 
08.12.2020 12:00 PM
Technical recommendations for EUR/USD and GBP/USD pair on 12/08/20

EUR / USD

This image is no longer relevant

The slowdown under the level of 1.2170 continues. Thus, the pair is thinking whether the correction should be limited to a slight decline and deceleration, or turned it into a full-fledged correction decline to the first target – the daily Tenkan, which is now located very deeply (1.2031). Most likely, this will affect the following development of the situation.

This image is no longer relevant

The movement in the smaller time frames is executed below the central pivot level, which is currently located at 1.2118. But at the same time, bulls maintain the support of the weekly long-term trend (1.2106). In turn, the bears' main task is to break through the key supports in the same TF and sharply consolidate below (1.2106-18). If this plan works out, the bearish mood will further strengthen.

Today, the supports of the classic pivot levels located at 1.2070 - 1.2031 - 1.1983 serve as bears' intraday targets. On the other hand, returning the central pivot level of the day (1.2118) to the bulls' side will turn the main tasks into updating the high extremes (1.2166-77) and restoring the upward trend, which allows us to return bullish prospects.

GBP / USD

This image is no longer relevant

Based on yesterday's results, we can note that the current confrontation is quite strong. Despite bears' activity, they failed to maintain their positions. Thus, they were forced to return to the monthly cloud (above the level of 1.3350) by the closing of the day. Now, the bearish players are making an attempt to decline to the previously reached targets. The accumulation of important support levels still remains at 1.32 (historical level + daily Kijun + weekly Tenkan).

This image is no longer relevant

In this situation, the advantage in the smaller time frames is determined by being above or below the key level zone, which is currently located in the area of 1.3396-46 (central pivot level + weekly long-term trend). The bears are currently striving to reach a reliable predominance of forces, while being supported by technical indicators. However, yesterday's long lower shadow is undoubtedly a weakening factor, pulling the key levels (1.3396-46).

On the other hand, if players return above the weekly long-term trend (1.3396), today's resistance levels at 1.3469 - 1.3558 - 1.3681 can be noted. Now, bearish prospects can be discussed not only after consolidating below the level of 1.3324, but also after passing the support level of 1.32 in the higher time frames.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback