The downward movement was impossible to restore last week, instead, there was another upward correction, which led to the breakdown of support for the short-term trend of the bears. It is worth noting that the strengthening of bullish mood and the continuation of growth will return the pair to a fairly wide resistance zone, whose borders are currently set within 1.1920 (weekly Fibo Kijun) - 1.1948-76-99 - 1.2051 (weekly and daily Fibo Kijun).
But if the bears manage to complete the developing correction and restore the daily downward trend, we can note the previous downward targets, which retain their location at 1.1704 - 1.1695 - 1.1684 - 1.1619 (minimum extremum + monthly Fibo Kijun + target for the breakout of the daily cloud).
The upward correction in the bigger time frames allowed the bulls to maintain the main advantage in the smaller ones. At the moment, the key levels are being retested, which are set in the area of 1.1841-61 (central pivot level + weekly long-term trend). The continuation of the upward movement will allow the pair to test the intraday upward targets – 1.1897 - 1.1917 - 1.1953 (classic pivot levels). In turn, the breakdown of the key supports (1.1841-61) and consolidation below will make the recovery of the downward trend (l1.1781 low) the most important task for the bears.
The final level of the weekly Ichimoku gold cross withstood the bearish pressure again and was able to defend the bullish interests. And with the opening of a new week, this level combined its efforts with the daily short-term trend and formed an important support zone for bullish traders at 1.3820 - 1.3793.
On the other hand, bearish interest is still maintained by the downward target for the breakdown of the daily cloud (1.3636-98). At the moment, the resistances of 1.3883-1.3906 are being tested (weekly medium-term trend + daily Fibo Kijun). The strength of the levels encountered can lead to a prolonged slowdown and affect the effectiveness of the current daily corrective movement. The next accumulation of resistances is still focused in the 1.3958-90 zone, where the levels of various time intervals have combined.
The pair is above the key levels on the H1 chart. As a result, the bulls consider the resistance of the classic pivot levels 1.3952 - 1.4002 - 1.4100 as their pivot points. The loss of key levels, which are joining forces in the area of 1.3822-54 (central pivot level + weekly long-term trend) in the smaller time frames, can lead to a change in the current balance of forces and a return the priority to the bearish mood. The next task will be to restore the downward trend. In order to do this, the pair should go beyond the lows of 1.3741 - 1.3731. Today, further support is seen at 1.3706 - 1.3656 (classic pivot levels).
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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