EUR/USD and GBP/USD: Technical analysis on April 12
April 12, 2024 1:24 pm
EUR/USD
Higher Timeframes
The decline continues. Yesterday, after testing the low at 1.0696, the bears corrected slightly, but by now, this low has already been updated. The next target at the moment is the monthly support at 1.0611. In the current conditions, the monthly support level does not have a horizontal layout, which is a weakening factor. The levels of 1.0751 – 1.0783-95, passed and left behind, will now act as resistances in case of a retest and change of priorities.
H4 – H1
On lower timeframes, the main advantage belongs to the bears. They are driving the decline, with the intraday supports of classic pivot points serving as targets. The first support has already been worked out, with S2 (1.0671) and S3 (1.0641) remaining. Key levels today serve as targets for correction, lying at the boundaries of 1.0728 (central pivot point of the day) – 1.0806 (weekly long-term trend), while intermediate resistance on this path may come from R1 (1.0755) and R2 (1.0785).
***
GBP/USD
Higher timeframes
Yesterday, the pair performed a retest of the weekly level at 1.2577, and today, after updating the low, continues to decline. At the moment, the bears have begun testing the support of the upper boundary of the weekly cloud (1.2503), with the weekly medium-term trend support (1.2480) and the monthly short-term trend support (1.2464) located further down. The outcome of the interaction with this support zone will determine the further prospects of the movement.
H4 – H1
On lower timeframes, the advantage belongs to the bears. They are driving the decline, with the support of the classic pivot points (1.2513 – 1.2478 – 1.2446) serving as reference points. In case of a change in priorities, with bulls regaining positions, the key levels of lower timeframes, which are responsible for the current balance of power, will come into play first. At the moment, they are located at 1.2545 (central pivot point of the day) – 1.2609 (weekly long-term trend).
EUR/USD
Higher Timeframes
The decline continues. Yesterday, after testing the low at 1.0696, the bears corrected slightly, but by now, this low has already been updated. The next target at the moment is the monthly support at 1.0611. In the current conditions, the monthly support level does not have a horizontal layout, which is a weakening factor. The levels of 1.0751 – 1.0783-95, passed and left behind, will now act as resistances in case of a retest and change of priorities.
H4 – H1
On lower timeframes, the main advantage belongs to the bears. They are driving the decline, with the intraday supports of classic pivot points serving as targets. The first support has already been worked out, with S2 (1.0671) and S3 (1.0641) remaining. Key levels today serve as targets for correction, lying at the boundaries of 1.0728 (central pivot point of the day) – 1.0806 (weekly long-term trend), while intermediate resistance on this path may come from R1 (1.0755) and R2 (1.0785).
***
GBP/USD
Higher timeframes
Yesterday, the pair performed a retest of the weekly level at 1.2577, and today, after updating the low, continues to decline. At the moment, the bears have begun testing the support of the upper boundary of the weekly cloud (1.2503), with the weekly medium-term trend support (1.2480) and the monthly short-term trend support (1.2464) located further down. The outcome of the interaction with this support zone will determine the further prospects of the movement.
H4 – H1
On lower timeframes, the advantage belongs to the bears. They are driving the decline, with the support of the classic pivot points (1.2513 – 1.2478 – 1.2446) serving as reference points. In case of a change in priorities, with bulls regaining positions, the key levels of lower timeframes, which are responsible for the current balance of power, will come into play first. At the moment, they are located at 1.2545 (central pivot point of the day) – 1.2609 (weekly long-term trend).
***
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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