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28.05.2020 09:44 AM
Technical analysis recommendations for EUR/USD and GBP/USD on May 28

EUR / USD

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Yesterday, the players to increase did a retest of the resistance which was broken through before and managed to close the day above significant levels of 1.0934-65 (Fibo Kijun + Tenkan) again. The upward movement continues and now, it is important to maintain bullish optimism and current achievements for weeks and a month. The following upward benchmarks are still located in the area of 1.1067-88 (upper border of the daily cloud + weekly Kijun and Senkou Span A + monthly Tenkan).

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The analyzed technical instruments on the lower time frames unanimously give preference to the players to increase. Yesterday, the key levels coped with the task and defended the advantage of the bulls. Today, they are on guard of the interests of players to increase again - 1.0991 (Central Pivot level) and 1.0945 (weekly long-term trend). The resistance of the classic pivot levels, which are located today on the 1.1048 - 1.1088 - 1.1145.

GBP / USD

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The strength and importance of the resistance met 1.2305 - 1.2360 (the upper boundary of the daily cloud + daily medium-term trend + weekly short-term trend) did not allow players to continue to rise. At the same time, the daily short-term trend (1.2218) and the weekly Fibo Kijun (1.2214) continue to uphold bullish interests and resist an active and large-scale return of bearish sentiment. Tomorrow, we close the week and month. The shorter the upper shadow of the weekly candle and the longer the lower shadow of the monthly candle, the more optimistic and promising the forecast for players to increase and vice versa.

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The key support for the lower halves is the weekly long-term trend (1.2238). Today, it is combining its efforts with the key supports of the higher halves (1.2214), consolidating below which will return many advantages to the players to decline in both the lower and high halves. In this case, their goal will be the restoration of a downward trend (1.2073). The support for the classic Pivot levels today are located at 1.2192 - 1.2123 - 1.2043. Consolidation above the central Pivot level of 1.2272 will strengthen the current state of affairs in the camp of players to increase. As a result, we can expect a new test of key resistance of the upper halves 1.2305 - 1.2360.

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

Evangelos Poulakis,
Analytical expert of InstaForex
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