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18.05.2021 01:40 PM
Technical analysis and recommendations for EUR/USD and GBP/USD on May 18, 2021

EUR/USD

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The pair moved above the significant resistance zone 1.2150 - 1.2182 and further rise. Currently, the upward targets continued to be located at 1.2243 - 1.2349 (maximum extremes) and at 1.2345 - 1.2416 (target for the breakdown of the daily Ichimoku cloud). The levels that were previously broken are now forming support, and the nearest is set at the level of 1.2150 (historical level) and in the area of 1.21 (daily Tenkan + weekly Fibo Kijun).

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Bullish traders maintained their advantage in the smaller time frames and continue to develop the upward trend. At the moment, the resistance level of 1.2191 (R2) is being tested, followed by the next level of 1.2214 (R3). If these levels are broken through, the pivot points will be the resistance in the bigger time frames. Today, the key levels in the lower halves act as supports, placing their defense lines at 1.2148 (central pivot level) and 1.2122 (weekly long-term trend).

GBP/USD

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The resistance of the daily target is left behind, while the bulls continue to move upwards. In this area, the current main upward pivot point is the historical level of 1.4240, An update and consolidation above which will allow us to restore the weekly and monthly upward trend and consider further prospects. The overcame levels of the daily target (1.4137 and 1.4090) can act as supports when declining. The next bearish interests will focus in the area of 1.4008 - 1.4028 (daily short-term trend + historical level).

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Yesterday, the bulls retained their key levels, and a result, they organized a productive growth. At present, almost all resistances of the classic pivot levels have been tested, only the final level of 1.4229 (R3) remains as a reference. A change in the balance of power is possible only in case that the key H1 levels are broken. Today, they can be seen at 1.4117 (central pivot level) and 1.4097 (weekly long-term trend).

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.

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