EUR/USD

None of the traders managed to implement anything large-scale and significant at the end of last week. The pair remained on the border of the trend line and did not break through the support of the encountered minimum extremes. To strengthen the bearish mood, it is necessary not only to update the lows (1.1781 - 1.1772), but also to securely consolidate below. Further, the bears' interest will be directed to the fulfillment of the target for the breakdown of the daily Ichimoku cloud (1.1619-84), which is reinforced by the monthly Fibo Kijun (1.1695).

On the contrary, a consolidation above the daily short-term trend (1.1826) will help change the current balance of forces in the daily time frame. If so, we can consider the next upward pivot point and the development of an upward correction in the area of 1.1915-20 (daily Fibo Kijun + weekly Fibo Kijun).

Although this pair has been in the uncertainty zone of the smaller time frames for a long time, the analyzed technical instruments still give some advantage to the bearish traders. Today, the intraday downward targets are set at 1.1791 - 1.176 - 1.1761 (support for the classic pivot levels). It is quite easy to change the prevalence of forces in the current situation. To do this, bullish traders need to break through the resistance and attraction of the key levels 1.1806-21 (central pivot level + weekly long-term trend). These levels are strengthened by the daily short-term trend (1.1826), which increases the importance of breaking through them. Other upward targets include 1.1836 (R2) and 1.1851 (R3).

GBP/USD

During the past week, the bears were able to close without a lower shadow, thereby insisting on the continuation of the decline in the near future. Today, they have already managed to update the low of the previous weeks (1.3731). If the bears successfully maintain their mood and ability, then we will wait for the fulfillment of the daily target for the breakdown of the cloud (1.3698 - 1.3636) and test the monthly short-term trend (1.3551).

At the moment, the nearest resistances are joining their efforts at the borders of 1.3824 - 1.3811 (weekly Fibo Kijun + daily Tenkan). A consolidation above can affect the balance of power, so it would be better to re-evaluate the situation after that.

The development of a downward trend is observed in the smaller periods, which is now conquering new lows and trying to break through the first support of the classic pivot levels (1.3727). The next support levels are located at 1.3693 (S2) and 1.3626 (S3). In case of a slowdown and stop, an upward correction may follow. On the H1 chart, the main pivot points for the upward correction are currently at 1.3794 (central pivot level) and 1.3833 (weekly long-term trend).

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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.