EUR/USD and GBP/USD: Technical analysis for July 5
July 5, 2023 1:24 pmVideo
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EUR/USD
Higher timeframes
Despite the bearish nature of yesterday, the pair did not implement significant changes in the current situation. To see a clear bearish advantage and to outline new prospects, we still expect the market to move away from the monthly attraction (1.0901) and advance through daily and weekly supports (1.0875-66 – 1.0846 – 1.0824 – 1.0807). The tasks for the bulls today have also remained unchanged—daily short-term trend (1.0906) and highs (1.1012 – 1.1096).
H4 – H1
On the lower timeframes, the attachment to key levels is maintained, although some advantage is now held by the bears as work is mainly developing under key levels, which are currently around 1.0891–97 (central pivot point of the day + weekly long-term trend). To strengthen bearish sentiments within the day, it is important to pass through the supports of classic pivot points, currently at 1.0865 – 1.0851 – 1.0825. In turn, for the bulls to reach new achievements, it is necessary to seize resistances of classic pivot points (1.0905 – 1.0931 – 1.0945).
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GBP/USD
Higher timeframes
Yesterday, on the daily timeframe, work was continued to conquer the daily short-term trend, which today gave up positions and dropped lower (1.2674). The path to the monthly resistance 1.2760 is open for the bulls. If they use this opportunity, it will be possible to consider updating the high (1.2847) and continuing the rise, with target being the lower boundary of the monthly Ichimoku cloud (1.2893). If the bulls do not cope and give the initiative to the opponent, then a new stage of decline will still mainly be directed at testing the weekly short-term trend (1.2577).
H4 – H1
The bulls are trying to hold above the key levels of the lower timeframes, which today can be marked at 1.2710 (central pivot point of the day) – 1.2670 (weekly long-term trend). If the bulls keep the key levels, turn the moving average around and continue the rise, their intraday targets will be 1.2737 – 1.2766 – 1.2793 (resistances of classic pivot points).
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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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