You are here: Home > articles > Commodities > Forex > EUR/USD and GBP/USD – Weekly review and outlook
EUR/USD and GBP/USD – Weekly review and outlook
September 4, 2023 3:23 amVideo
Latest News
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
- EUR/USD: trading tips for beginners for European session on May 3 May 3, 2024
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
- Trading plan for GBP/USD on May 3. Simple tips for beginners May 3, 2024
- Trading plan for EUR/USD on May 3. Simple tips for beginners May 3, 2024
- Forecast for EUR/USD on May 3, 2024 May 3, 2024
EUR/USD
Higher time frames:
Last week marked the closing of the last summer month. Bears could not claim a major part of the market due to the support of the monthly short-term trend. With the end of August, the Ichimoku indicator pattern changed, contributing to the effectiveness of bearish momentum on Friday. Currently, reviving the low (1.0766), a break below the weekly Ichimoku cross (1.0807), and the continuation of the daily downtrend will open up new targets for the bears – 1.0722 (monthly medium-term trend) and 1.0500-22-78 (upper band of the weekly cloud + breakout target of the daily cloud). If bearish sentiment does not persist in order for the pair to fall further, a pause around the weekly support area may help the bulls recover lost ground and start a new corrective rally. The nearest resistance zone, which is quite important at the moment, is the cluster of levels at 1.0878 – 1.0898 – 1.0914 (monthly short-term trend + weekly medium-term trend + daily medium-term trend). A solid breakthrough above this zone can reignite ambitions and prospects for an upward move.
4H – 1H:
The bears managed to secure a victory in the battle for the weekly long-term trend on the last day of the week. As a result, they gained a significant advantage. The weekly long-term trend (1.0850) will likely maintain its position with the start of a new week, but it’s advisable to reassess the positioning of other intraday marks on Monday. In order to build the downtrend, classical Pivot support levels will be of interest, while the classical Pivot resistance levels will be crucial for the bulls. They can regain the upper hand on the lower time frames by reclaiming the weekly long-term trend.
***
GBP/USD
Higher time frames:
Bears gained an advantage from the closing of the previous week. They approached the low of the current correction (1.2547). The bears are now focused on updating and continuing the downtrend on the daily chart. Among the subsequent targets, we can take note of the level of 1.2471 (weekly medium-term trend + monthly short-term trend) and the zone of 1.2311-94 (breakout target of the daily cloud + final level of the weekly Golden Ichimoku cross). In the current situation, the influence of the nearest levels at 1.2582 (monthly Fib Kijun) and 1.2629 (weekly Fib Kijun) could impede the bears’ plans.
4H – 1H:
On Friday, the bears lost key support on the lower time frames. A solid break below the weekly long-term trend (1.2642) and a moving average reversal could shift the current balance of power in favor of strengthening the bearish sentiment. The intraday references are provided by the classical Pivot support and resistance levels. It’s advisable to review their positioning with the opening of the new trading week.
***
In order to analyze the situation, the following tools were used:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fib Kijun levels;
Lower time frames – 1H – Classic Pivot Points + Moving Average 120 (weekly long-term trend).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: