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EUR/USD and GBP/USD: Technical analysis for July 6
July 6, 2023 1:24 pmVideo
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EUR/USD
Higher timeframes
As of writing, euro is testing the 1.0837–46 barrier (daily medium-term + weekly short-term trend). Over the past few weeks, the bearish players have been trying to break through the supports that form a fairly wide zone, draining the bearish strength in the range of 1.0901 – 1.0875 – 1.0846 – 1.0807. A breakout will help eliminate the daily golden cross of the Ichimoku and approach the final level of the weekly cross, which is currently located at 1.0738. After eliminating the golden crosses and consolidating in the bearish zone relative to the daily cloud, new significant perspectives will appear for the bears. Their failure could be a rebound executed from any level of the designated support zone.
H4 – H1
On lower timeframes, bearish players are developing a decline, but during corrective movements, they constantly encounter resistance at key levels. Currently, the market has started testing the area of 1.0871–87, where key levels—central pivot point (1.0871) and the weekly long-term trend (1.0887)—are converging. Additional intraday benchmarks are provided by resistance (1.0891 – 1.0927 – 1.0947) and support (1.0835 – 1.0815 – 1.0779) of the classic pivot points.
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GBP/USD
Higher timeframes
A consolidation is emerging on the daily timeframe. There is no activity. For the bulls, the monthly resistance (1.2760) remains the closest important benchmark, and for the bears, the support of the weekly short-term trend (1.2577). Intermediate supports on this path could be the levels of the daily cross (Tenkan 1.2674 + Kijun 1.2607).
H4 – H1
On lower timeframes, bullish players continue to work above key levels, thereby maintaining their main advantage. Intraday bullish reference points are provided by the resistance of classic pivot points (1.2727 – 1.2754 – 1.2774). Losing the key levels, which are currently at 1.2707 (central pivot point) – 1.2683 (weekly long-term trend), can change the current balance of power. After that, bears can strengthen their sentiment. Their reference points will be the support of classic pivot points (1.2680 – 1.2660 – 1.2633).
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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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