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EUR/USD and GBP/USD: Technical analysis for November 8
November 8, 2023 5:23 amVideo
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EUR/USD
Higher Timeframes
Bears continued the decline yesterday and tested the area of influence of the lower boundary of the daily cloud, but they couldn’t hold onto the achieved levels. Today, the situation remains within the limits, with the boundaries being 1.0733 – 1.0766 (weekly levels) and 1.0638 – 1.0614 (daily levels + weekly short-term trend + monthly medium-term trend). A breakdown and a secure consolidation beyond these boundaries will allow us to consider new opportunities and prospects.
H4 – H1
On the lower timeframes, the decline continues, but the market still trades above the weekly long-term trend (1.0660), which continues to favor the bulls. In the case of a recovery of long positions, bullish players may encounter resistance at the classic pivot points (1.0727 – 1.0754 – 1.0785) today. Further decline and a breakdown of the weekly trend (1.0660) will affect the current balance of power, changing preferences towards further strengthening bearish sentiments. Additional intraday support may come from 1.0638 and 1.0611 (support levels of classic pivot points).
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GBP/USD
Higher timeframes
The pound continued its decline and yesterday began to interact with the support area, where the efforts of weekly and daily levels are currently combined (1.2268 – 1.2292). As a result, the most significant task for bearish players at the moment is to break through the zone 1.2268–92 and eliminate the golden cross of the daily Ichimoku cloud at 1.2231 – 1.2185 (final levels). Therefore, in conclusion, the outcome of the current interaction will determine the further development of events in the market.
H4 – H1
The key levels on the lower timeframes are converging today in the range of 1.2301 – 1.2262 (central pivot point + weekly long-term trend). A breakdown and a reversal of the moving average will help strengthen bearish positions, giving priority to the development of bearish sentiments. Intraday support today can be observed at 1.2255 – 1.2216 – 1.2170 (classic pivot points). A rebound from key levels and the recovery of long positions by bullish players will bring relevance to the resistance levels of the classic pivot points (1.2340 – 1.2386 – 1.2425).
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The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibonacci 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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