EUR/USD and GBP/USD: Technical analysis for July 4
July 4, 2023 12:22 pmVideo
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EUR/USD
Higher timeframes
Yesterday was dominated by uncertainty, with no movement that would change or clarify the situation. The bulls continue to face the daily short-term trend (1.0924), with the next upward targets remaining at the highs of 1.1012 and 1.1096. The development of bearish sentiment is currently being held back by a wide support zone, uniting levels of various timeframes. The most important and close support levels can be highlighted at 1.0901 – 1.0875 – 1.0846 – 1.0807.
H4 – H1
On lower timeframes, the uncertainty has led to the pair remaining in the attraction zone and under the influence of key levels, located almost horizontally for a long time. Today, key levels form a narrow range around 1.0906-11 (central pivot point + weekly long-term trend). In case of movement development, the support (1.0876 – 1.0842 – 1.0812) and resistance (1.0940 – 1.0970 – 1.1004) of the classic pivot points will serve as targets within the day.
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GBP/USD
Higher timeframes
Yesterday, both activity and effectiveness were absent, so the conclusions and expectations have not changed. A breakout of the daily short-term trend (1.2713) will open the way to the monthly thresholds 1.2760 – 1.2893. In case of bearish activity, the pair will return to the support of the weekly short-term trend (1.2577), then the main focus and interest will be directed towards breaking of the daily cloud, now strengthened by weekly support (1.2448).
H4 – H1
The key levels, located today at 1.2675-89 (central pivot point of the day + weekly long-term trend), continue to keep the situation within their influence zone. As a result, uncertainty and sideways movement dominate on lower timeframes. If one side demonstrates activity, the development of directional movement will be aimed at overcoming the benchmarks of the lower timeframes. For bulls, it will be important to pass the resistance levels of 1.2721 – 1.2754 – 1.2786, while for bears, the support of classic pivot points 1.2656 – 1.2624 – 1.2591 will be crucial.
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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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