EUR/USD and GBP/USD: Technical analysis for July 11
July 11, 2023 12:22 pmVideo
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EUR/USD
Higher timeframes
Yesterday, bullish players completed the day’s downward correction by updating its high at 1.1012. Consolidation and further ascent would indicate the possibility of ending the week’s correction with high at 1.1096. The nearest supports on higher timeframes in the current situation are at 1.0930 (daily short-term trend) and 1.0901 (monthly medium-term trend).
H4 – H1:
On lower timeframes, an upward trend is developing. As of writing, the first resistance of the classic pivot points, R1 (1.1021), is being tested. A break of this level will open the way to the next resistances at R2 (1.1041) and R3 (1.1079). A shift in sentiment could provoke a correction, which has significant opportunities for development today, as key levels acting as corrective supports are located within a wide range of 1.0983 (central pivot point) – 1.0916 (weekly long-term trend). On the way to the weekly long-term trend (1.0916), intermediate support levels S1 (1.0963) and S2 (1.0925) can be noted.
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GBP/USD
Higher timeframes:
Bullish players continued their ascent yesterday and began testing the lower boundary of the monthly cloud (1.2893). Consolidation within the cloud will draw attention to the upper boundary of the cloud (1.3142). However, if bulls fail to overcome 1.2893 and the bears initiates a decline, then the nearest supports of the higher timeframes today are around 1.2751-60 (daily short-term trend + weekly long-term trend).
H4 – H1:
Currently, on lower timeframes, bulls have the advantage. They are testing the first resistance of the classic pivot points (1.2900 – 1.2942 – 1.3018), and further, R2 (1.2942) and R3 (1.3018) may come into play. The key levels on lower timeframes form a support zone today, anticipating the pound at the levels of 1.2824 (central pivot point of the day) and 1.2764 (weekly long-term trend).
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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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