EUR/USD and GBP/USD: Technical analysis on April 11
April 11, 2024 7:24 am
EUR/USD
Higher Timeframes
That’s how you can liquidate the achievements of several days in one go. Over the past day, bears closed below the final level of the weekly Ichimoku cross (1.0751). The liquidation of the weekly cross will allow considering new prospects. In the current situation, the nearest lows (1.0725 – 1.0696) could become them, and then the pair awaits a meeting with the monthly support (1.0611).
H4 – H1
On lower timeframes, the scale of yesterday’s decline significantly expanded the possibilities of classic pivot points. If the bears return to the market now, after exiting the correction zone, they will be waiting for the targets of breaking through the H4 cloud (1.0702 – 1.0720) and the support of classic pivot points (1.0692 – 1.0641 – 1.0554). However, if the upward correction develops, its benchmarks will be the key levels—the central pivot point (1.0779) and the weekly long-term trend (1.0824). A sustained move above may change the current balance of power.
***
GBP/USD
Higher Timeframes
Yesterday, bears were very effective in pushing off from the zone of influence of the weekly short-term trend (1.2704) and the daily medium-term trend (1.2706). They surpassed the weekly support (1.2577), which may now work on a retest, and updated the low (1.2538). Now the market is focused on the nearest support zone, combining levels from different timeframes (1.2503 – 1.2481 – 1.2464).
H4 – H1
On lower timeframes, the main advantage is on the bears’ side. Targets for further decline today can be noted at 1.2468 – 1.2399 – 1.2280 (classic pivot points). If the current correction continues, the key levels determining the current balance of power will be of primary importance on its path, they are currently located at 1.0779 – 1.0834 (central pivot point of the day + weekly long-term trend). A sustained move above and a trend reversal will create conditions for strengthening bullish sentiments. The next bullish targets can be noted in the current conditions at 1.2656 – 1.2775 – 1.2844.
EUR/USD
Higher Timeframes
That’s how you can liquidate the achievements of several days in one go. Over the past day, bears closed below the final level of the weekly Ichimoku cross (1.0751). The liquidation of the weekly cross will allow considering new prospects. In the current situation, the nearest lows (1.0725 – 1.0696) could become them, and then the pair awaits a meeting with the monthly support (1.0611).
H4 – H1
On lower timeframes, the scale of yesterday’s decline significantly expanded the possibilities of classic pivot points. If the bears return to the market now, after exiting the correction zone, they will be waiting for the targets of breaking through the H4 cloud (1.0702 – 1.0720) and the support of classic pivot points (1.0692 – 1.0641 – 1.0554). However, if the upward correction develops, its benchmarks will be the key levels—the central pivot point (1.0779) and the weekly long-term trend (1.0824). A sustained move above may change the current balance of power.
***
GBP/USD
Higher Timeframes
Yesterday, bears were very effective in pushing off from the zone of influence of the weekly short-term trend (1.2704) and the daily medium-term trend (1.2706). They surpassed the weekly support (1.2577), which may now work on a retest, and updated the low (1.2538). Now the market is focused on the nearest support zone, combining levels from different timeframes (1.2503 – 1.2481 – 1.2464).
H4 – H1
On lower timeframes, the main advantage is on the bears’ side. Targets for further decline today can be noted at 1.2468 – 1.2399 – 1.2280 (classic pivot points). If the current correction continues, the key levels determining the current balance of power will be of primary importance on its path, they are currently located at 1.0779 – 1.0834 (central pivot point of the day + weekly long-term trend). A sustained move above and a trend reversal will create conditions for strengthening bullish sentiments. The next bullish targets can be noted in the current conditions at 1.2656 – 1.2775 – 1.2844.
***
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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