EUR/USD and GBP/USD: Technical analysis for May 10
May 10, 2023 11:22 am
EUR/USD
Higher timeframes
The lingering uncertainty persists. The inability of the bulls to continue the rise, actively moving towards the monthly support (1.1221), strengthens the bearish expectations. At the moment, the levels of the daily Ichimoku cross (1.1017 – 1.0995 – 1.0964 – 1.0933) provide attraction and support. Slightly below is the support of the monthly medium-term trend (1.0902). To maintain bullish prospects, it is important to hold these levels. The breakdown of the current supports and secure consolidation below 1.0902 may inspire the bears for new feats, allowing the development of a decline, with targets at the daily cloud (1.0795-75) and weekly levels (1.0806 – 1.0763).
H4 – H1
On the lower timeframes, we observe the development of a corrective movement. Now the pair is testing the strength of the central pivot point of the day (1.0970). When forming a rebound, the supports of the classic pivot points will serve as targets for the continuation of the decline, which today are at 1.0934 – 1.0905 – 1.0869. If the bulls manage to take control of 1.0970, their next task will be to conquer and return to their side the weekly long-term trend (1.1018). This level is responsible for the current balance of power on the lower timeframes, and gaining its support will let bulls consider new prospects.
GBP/USD
Higher timeframes
The pair has moved beyond the worked-out target for breaking the daily cloud (1.2580) and has set a course for testing the final level of the monthly death cross (1.2760), but at the moment, a slowdown has been outlined, and a pause in the movement has occurred. The development of a correction will return the pair to the supports of the daily Ichimoku cross (1.2550 – 1.2505 – 1.2467).
H4 – H1
On the lower timeframes, the main advantage now belongs to the bulls. However, the pair has completed a corrective decline and is testing the strength of the key levels 1.2610 (central pivot point of the day), 1.2602 (weekly long-term trend). Working above these levels maintains the advantage on the side of the bulls. Their intraday targets today are located at 1.2644 – 1.2671 – 1.2705 (resistances of classic pivot points). Breaking the key levels can change the current balance of power. In this case, the targets for further decline will be the supports of classic pivot points (1.2583 – 1.2549 – 1.2522).
EUR/USD
Higher timeframes
The lingering uncertainty persists. The inability of the bulls to continue the rise, actively moving towards the monthly support (1.1221), strengthens the bearish expectations. At the moment, the levels of the daily Ichimoku cross (1.1017 – 1.0995 – 1.0964 – 1.0933) provide attraction and support. Slightly below is the support of the monthly medium-term trend (1.0902). To maintain bullish prospects, it is important to hold these levels. The breakdown of the current supports and secure consolidation below 1.0902 may inspire the bears for new feats, allowing the development of a decline, with targets at the daily cloud (1.0795-75) and weekly levels (1.0806 – 1.0763).
H4 – H1
On the lower timeframes, we observe the development of a corrective movement. Now the pair is testing the strength of the central pivot point of the day (1.0970). When forming a rebound, the supports of the classic pivot points will serve as targets for the continuation of the decline, which today are at 1.0934 – 1.0905 – 1.0869. If the bulls manage to take control of 1.0970, their next task will be to conquer and return to their side the weekly long-term trend (1.1018). This level is responsible for the current balance of power on the lower timeframes, and gaining its support will let bulls consider new prospects.
GBP/USD
Higher timeframes
The pair has moved beyond the worked-out target for breaking the daily cloud (1.2580) and has set a course for testing the final level of the monthly death cross (1.2760), but at the moment, a slowdown has been outlined, and a pause in the movement has occurred. The development of a correction will return the pair to the supports of the daily Ichimoku cross (1.2550 – 1.2505 – 1.2467).
H4 – H1
On the lower timeframes, the main advantage now belongs to the bulls. However, the pair has completed a corrective decline and is testing the strength of the key levels 1.2610 (central pivot point of the day), 1.2602 (weekly long-term trend). Working above these levels maintains the advantage on the side of the bulls. Their intraday targets today are located at 1.2644 – 1.2671 – 1.2705 (resistances of classic pivot points). Breaking the key levels can change the current balance of power. In this case, the targets for further decline will be the supports of classic pivot points (1.2583 – 1.2549 – 1.2522).
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
Related Posts: