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07.12.2022 10:43 AM
EUR/USD and GBP/USD technical analysis on December 7, 2022

EUR/USD

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Higher time frames

Yesterday, bears continued to push the price lower but the movement was weak. Ahead is an obstacle presented by the support of the daily short-term trend at 1.0442. If the price keeps moving lower, its next downward target will be found at 1.0302 (monthly short-term trend). The nearest upward target today is located at 1.0611 (monthly fibo Kijun level).

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H4 – H1

On lower time frames, the pair slipped below the key levels accumulated at 1.0486 (central pivot level + weekly long-term trend). They act as resistance now. As long as the key levels support the bears, we can expect the continuation of the downtrend and reinforcement of the bearish bias. Downward targets on the daily chart are located at 1.0438 – 1.0412 – 1.0364 (support of the standard pivot levels). If the sentiment changes and bulls return to the market, then after reaching 1.0486, the price will head toward 1.0512 – 1.0560 – 1.0586 (resistance of standard pivot levels).

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GBP/USD

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Higher time frames

At the moment, the pound is testing the support area of 1.2121 – 1.2099 (daily short-term trend + first daily target). A firm settlement below this range will allow bears to develop a stronger downside movement. Trading activity will be concentrated near the support area with the upper boundary at 1.1886-40. A rebound from the support of 1.2099 will bring the pair back to the levels of 1.2292 – 1.2302 (fully tested daily target + monthly short-term trend).

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H4 – H1

Bears are now prevailing on lower time frames. Their daily downward targets today are found at 1.2080 – 1.2032 – 1.1938 (support of standard pivot levels). To change the trend, the pair needs to return and settle above the key levels of 1.2183-74 (central daily pivot level + weekly long-term trend). More upward targets are located at the levels of 1.2222 – 1.2316 – 1.2364 (resistance of standard pivot levels).

***

Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
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