EUR/USD and GBP/USD: Technical analysis for May 22
May 22, 2023 12:22 pmVideo
Latest News
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
EUR/USD
Higher timeframes
The encounter with the weekly support halted the downward momentum, resulting in a rebound on the daily timeframe. At the same time, the pair returned to the daily Ichimoku Cloud. If the bulls manage to consolidate the achieved result, further recovery of positions will encounter resistance at the daily levels 1.0875 – 1.0884 (upper boundary of the daily cloud + daily short-term trend) and higher timeframes at 1.0901 – 1.0920 (monthly medium-term trend + weekly short-term trend). However, if the bears manage to break through the zone of 1.0796 – 1.0787 (lower boundary of the daily cloud + weekly Fibo Kijun), a bearish target will be formed for breaking the daily cloud, opening the path to the next support at 1.0693 (weekly medium-term trend).
H4 – H1
Currently, despite the development of an upward correction, the main advantage belongs to the bears, as the market continues to remain under the influence of the weekly long-term trend (1.0834). A breakout and reversal of the moving average can change the situation. In this case, the benchmarks for the bulls within the day will be the resistances of the classic pivot points (1.0866 – 1.0903). Working below the weekly trend maintains the bears’ advantage. After exiting the correction zone (1.0761), the supports of the classic pivot points (1.0730 – 1.0699) could become significant.
GBP/USD
Higher timeframes
The downward movement has been halted, and the pair has returned to the attraction zone of the weekly short-term trend, currently located around 1.2448. Working in this area maintains uncertainty. However, if the movement continues, the following scenarios can be highlighted. For the bulls, the path goes through the resistances of the daily Ichimoku cross (1.2477 – 1.2515 – 1.2534 – 1.2553) and the local high (1.2678). For the bears, the nearest supports become important in case of a decline, which are currently marked at 1.2361 (upper boundary of the daily cloud) – 1.2344 (weekly Fib Kijun) – 1.2302 (monthly medium-term trend).
H4 – H1
After reaching the first target level on the H4 timeframe (1.2392), the initiative on lower timeframes has shifted to the bulls. Currently, they are testing the resistance of the weekly long-term trend (1.2466). A breakout and reversal of the moving average can change the current balance of power. The reference points for possible movement scenarios on lower timeframes today are located at 1.2486 – 1.2531 – 1.2578 (resistances of the classic pivot points) and at 1.2394 – 1.2347 – 1.2360 – 1.2302 (supports of the classic pivot points + target for breaking the H4 cloud).
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: