EUR/USD and GBP/USD: Technical analysis for August 10
August 10, 2023 12:23 pmVideo
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EUR/USD
Higher Timeframes
The interaction with a whole cluster of different levels (1.0986 – 1.1001) continues to prevent the pair from developing a directed movement. The day before, the bears failed to break out of the consolidation to continue the decline to the awaited support zone (1.0898 – 1.0866 – 1.0835 – 1.0805). Maybe their opponent will manage. By securing a position above 1.0986 – 1.1001, the bulls will aim for the resistance levels of the daily Ichimoku cross (1.1055 – 1.1107).
H4 – H1
On the lower timeframes, uncertainty remains. The pair continues to revolve around key levels, which have now converged in a fairly narrow range of 1.0974 – 1.0968 (central pivot point of the day + weekly long-term trend). For intraday movements, the resistance levels (1.0996 – 1.1018 – 1.1040) or support levels (1.0952 – 1.0930 – 1.0908) of the classic pivot can serve as reference points today.
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GBP/USD
Higher Timeframes
The pair fails to develop a directed movement. It maintains consolidation in the attraction zone and influence of the daily short-term trend (1.2746). The position and value of all previously defined benchmarks remain the same today. For the bulls, the resistances are of interest, led by the weekly short-term trend (1.2812) and the lower border of the monthly cloud (1.2893). For the bears, the reference points are the support zone that combines the daily cloud (1.2651 – 1.2577) and levels of higher timeframes (1.2597 – 1.2629).
H4 – H1
Key levels remain horizontal, indicating market uncertainty. If today’s movement develops, the bullish players within the day will meet the resistance levels of the classic pivot points (1.2760 – 1.2806 – 1.2830). If the bearish players take the initiative, then the support levels of the classic pivot points (1.2690 – 1.2666 – 1.2620) will be significant.
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The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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