EUR/USD and GBP/USD: Technical analysis for September 25
September 25, 2023 1:25 pm
EUR/USD
Higher Timeframes
Last week marked a new low, but there was no significant movement. Today marks the beginning of the last working week of September. The final sentiment and the nature of the monthly candle are important. The primary task for bearish players at the momet is to maintain the current sentiment and secure a result below the monthly medium-term trend (1.0722). Next in the bearish plans is testing and establishing results in interaction with a fairly wide support zone: 1.0578 – 1.0554 – 1.0500 – 1.0447, where the boundaries of various higher timeframes converge.
For bullish players, it is currently important to regain the area of 1.0691 – 1.0722 (daily short-term trend + monthly medium-term trend), after which the elimination of the daily death cross (1.0743 – 1.0781 – 1.0820) will be significant.
H4 – H1
On the lower timeframes, the bears still holds the main advantage, but is limited by consolidation and sideways movement. Within the day, the classic pivot points (1.0617 – 1.0590 – 1.0562) can be considered as bearish reference points. To change the current balance of power, bulls must establish themselves above the key levels of 1.0645 (central pivot point of the day) and 1.0668 (weekly long-term trend). Afterward, attention within the day will be focused on conquering the resistances of the classic pivot points (1.0672 – 1.0700 – 1.0727).
***
GBP/USD
Higher timeframes
The past working week had a clearly bearish character and sentiment. If bearish players manage to descend and test the monthly medium-term trend (1.2159) in the last week of September, then the task for October will be to establish the result of this interaction. Perhaps some result will be outlined already this week, for example, a long lower shadow of the monthly candle after testing the level. Then, October should confirm the result. The nearest important level of daily correction now is the daily short-term trend (1.2361).
H4 – H1
On the lower timeframes, the downward trend continues to develop. Today, bears have already updated last week’s low and tested the first target reference point of the classic pivot points (1.2212). The next supports can be noted at 1.2190 – 1.2149. A shift in sentiment and the activity of the bulls will shift the focus to resistances. Thus, the first intraday resistance will be the central pivot point of the day (1.2253), and the most important and significant one will be the weekly long-term trend (1.2325), with intermediate resistance possibly at 1.2275 – 1.2316 (resistances of the classic pivot points).
EUR/USD
Higher Timeframes
Last week marked a new low, but there was no significant movement. Today marks the beginning of the last working week of September. The final sentiment and the nature of the monthly candle are important. The primary task for bearish players at the momet is to maintain the current sentiment and secure a result below the monthly medium-term trend (1.0722). Next in the bearish plans is testing and establishing results in interaction with a fairly wide support zone: 1.0578 – 1.0554 – 1.0500 – 1.0447, where the boundaries of various higher timeframes converge.
For bullish players, it is currently important to regain the area of 1.0691 – 1.0722 (daily short-term trend + monthly medium-term trend), after which the elimination of the daily death cross (1.0743 – 1.0781 – 1.0820) will be significant.
H4 – H1
On the lower timeframes, the bears still holds the main advantage, but is limited by consolidation and sideways movement. Within the day, the classic pivot points (1.0617 – 1.0590 – 1.0562) can be considered as bearish reference points. To change the current balance of power, bulls must establish themselves above the key levels of 1.0645 (central pivot point of the day) and 1.0668 (weekly long-term trend). Afterward, attention within the day will be focused on conquering the resistances of the classic pivot points (1.0672 – 1.0700 – 1.0727).
***
GBP/USD
Higher timeframes
The past working week had a clearly bearish character and sentiment. If bearish players manage to descend and test the monthly medium-term trend (1.2159) in the last week of September, then the task for October will be to establish the result of this interaction. Perhaps some result will be outlined already this week, for example, a long lower shadow of the monthly candle after testing the level. Then, October should confirm the result. The nearest important level of daily correction now is the daily short-term trend (1.2361).
H4 – H1
On the lower timeframes, the downward trend continues to develop. Today, bears have already updated last week’s low and tested the first target reference point of the classic pivot points (1.2212). The next supports can be noted at 1.2190 – 1.2149. A shift in sentiment and the activity of the bulls will shift the focus to resistances. Thus, the first intraday resistance will be the central pivot point of the day (1.2253), and the most important and significant one will be the weekly long-term trend (1.2325), with intermediate resistance possibly at 1.2275 – 1.2316 (resistances of the classic pivot points).
***
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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