EUR/USD and GBP/USD: Technical analysis for September 8
September 8, 2023 7:23 amVideo
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EUR/USD
Higher Timeframes
Bearish players continue to update daily lows, but there is no significant momentum in the movement anymore. At the same time, the pair remains within the attraction zone of the monthly medium-term trend (1.0722). Breaking free from the influence of the monthly level and continuing the decline will shift attention to a relatively wide support zone: 1.0578 – 1.0533 – 1.0500 – 1.0447, formed by levels of various timeframes. In the event of a change in priorities and bullish activity, the nearest resistances are at 1.0807-17 (the final level of the weekly Ichimoku cross + daily short-term trend).
H4 – H1
Currently, bears have the main advantage on lower timeframes. The next targets for intraday decline can be noted at 1.0678 – 1.0660 – 1.0633 (support levels of the classic pivot). However, it’s worth noting that the pair is currently in an upward correction zone and has managed to capture the central pivot point of the day (1.0705). The key level (weekly long-term trend) today is located around 1.0753. The current advantage is determined by the pair’s position relative to this level and its slope. Therefore, a rise to 1.0753 and a solid consolidation above can change the current balance of power on lower timeframes in favor of bullish players.
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GBP/USD
Higher Timeframes
Yesterday, the decline continued, and the pair began testing the monthly (1.2477) and weekly (1.2441) supports. Overcoming these levels will allow for considering the possibility of achieving the daily target for breaking through the Ichimoku cloud (1.2394 – 1.2311). If the encountered supports lead to a rebound and serve as the basis for a bullish position recovery, the nearest resistance levels can be noted in the area of 1.2574 – 1.2581 – 1.2594 (monthly Fibonacci Kijun + weekly medium-term trend + daily short-term trend).
H4 – H1
On lower timeframes, with the primary advantage held by bearish players, opponents are attempting to develop a corrective rise. Bullish reference points for the day can be noted at 1.2502 – 1.2536 – 1.2560 – 1.2565 (resistance levels of the classic pivot + weekly long-term trend). Bearish reference points at the moment are located at 1.2473 – 1.2439 – 1.2410 – 1.2376 (support levels of the classical pivot).
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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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