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03.12.2020 02:18 PM
Technical recommendations for EUR/USD and GBP/USD on December 3

EUR / USD

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The Euro has maintained its mood, and the pair continues to rise. The historical level of 1.2170 is still the upward pivot point, since it has repeatedly shown itself in the past and formed the resistance of the upper limit of the monthly cloud for a long time. Now, a reliable consolidation above will allow us to consider new prospects and make further plans. The closest, significant support in this situation is the previously overcame combined levels located at 1.2011-21 (daily target for the breakout of the cloud + the high extremum of the upward trend + the upper limit of the monthly cloud).

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The bulls maintain the advantage and continue the upward trend. The intraday upward targets are the resistance levels of 1.2143 - 1.2170 - 1.2222. On the other hand, the key supports for the smaller time frames significantly increase the chances for a downward correction and are now located at 1.2091 (central pivot level) and 1.1992 (weekly long-term trend), while nearest supports can be noted at 1.2064 (S1) and 1. 2012 (S2).

GBP / USD

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The current distrust among bullish traders does not allow them to achieve good results for a long time, so the opponent took the lead. Nevertheless, the pair is currently continuing to trade above 1.3350 (lower limit of the monthly cloud) and maintains the support for the daily short-term trend (1.3352). The high extremum of 1.3481 is the upward target. Meanwhile, breaking through the level of 1.3350 will change the current balance of power, opening the way to the downside targets of 1.32 (historical level + daily Fibo Kijun) and 1.3140 (daily Kijun + weekly Tenkan).

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The uncertainty in the bigger time frames makes the pair spin around the key levels of the smaller TFs, which are now in a horizontal position and join forces in the area of 1.3365-57 (central pivot level + weekly long-term trend). Working above these levels transfers the advantages to the bulls' side, increasing their chances to reach further results and strengthen their mood. The next resistances of the classic pivot levels, which serve as upside targets within the day, are located today at 1.3443 - 1.3518 - 1.3596. Alternatively, if we work below the key levels (1.3365-57), the distribution of forces will change in favor of the bears. If they manage to break through it and further decline, then the next pivot points such as the supports of the classic pivot levels 1.3290 - 1.3212 - 1.3137 will be considered.

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

Evangelos Poulakis,
Analytical expert of InstaForex
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