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18.01.2021 02:10 PM
Technical analysis recommendations for EUR/USD and GBP/USD on January, 18

EUR/USD

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Bears fulfilled the necessary conditions for a decline. As a result, at the end of the previous week, the euro/dollar pair touched the level of 1.2075. The daily cloud is the main target for the downtrend. The cloud is supported by such levels as 1.1975 – 1.1886. The resistance level is still located at 1.2170 and daily cross is at 1.2170 – 1.2207 – 1.2241.

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The levels of 1.2048-1.2016-1.1959 are the main targets on a daily chart. The key resistance levels are located at 1.2105 (the central pivot point) and 1.2147 (the weekly long-term tendency). These levels may influence the market situation.

GBP/USD

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At the end of the previous week, the pound/dollar pair dropped to the daily short-term trend. At the moment, bears should break the daily Tenkan (1.3580) and find the target to break the cloud on the four-hour chart. As a result, the next targeted levels will locate at 1.3422 (daily Kijun + weekly Tenkan + a target to break the cloud on the four-hour chart) as well as the area between 1.3450-1.3314 (lower limit of the monthly cloud + daily cloud + weekly and monthly Fibo Kijun) and the support level of 1.3490 (daily Fibo Kijun).

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At the moment, bears are prevailing on smaller time frames. They are testing the first support level of classic Pivot points (1.3537). Then, we can see such levels as 1.3491 (S1) and 1.3411 (S2). On small time frames, the key levels are located at 1.3617-14 (central Pivot level + weekly long-term tendency). If the pair returns to the mentioned levels and consolidates above them, the current market situation will change.

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

Evangelos Poulakis,
Analytical expert of InstaForex
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