Technical analysis recommendations for EUR/USD and GBP/USD on May 11
May 11, 2020 11:21 am
EUR / USD
Last week, the players to decline managed to level out all previous achievements of the opponent once again. As a result, the pair has been working sideways for a long time, which is bounded above by the resistance of the weekly Fibo Kijun (1.0965) and the daily cloud that came to support not so long ago, and from below by the historical support 1.0778, which combines its efforts with the first target of the weekly target on the breakdown of the cloud. The center of attraction in this situation is the daily cross (Kijun 1.0873 + Tenkan 1.0893). At the same time, it should be noted that the movement forms an expanding formation, so it will not be enough to break through the key support and resistance to change the situation now. Instead, it will be more important to go beyond the trend lines and form successive extremes.
The key levels of the lower halves (central Pivot level + weekly long-term trend) today are combined in the area of 1.0843. Now, working below the levels will give preference to H1 players on the downside, for which the pivot points for H1 are the support of classic Pivot levels 1.0810 – 1.0782 – 1.0749. In the case of securing higher levels, the advantage in the lower halves will go to the side of the players to increase. The following resistances within the day today are located at 1.0871 – 1.0904 – 1.0932.
GBP / USD
The pair currently remains in the zone of attraction of the day cross (1.2349 – 1.2406 – 1.2453). At the same time, it should be noted that over the past two weeks, both the players to increase who failed to go beyond the resistance and the previous maximum (1.2647), and the players to decline who failed to cope with the support and did not update the minimum extreme (1.2246), have failed. As a result, uncertainty dominates, and the most important supports and resistances of this area retain their significance and location. The resistance is located at 1.2460 – 1.2540-50 – 1.2670-1.2711, while support levels are at 1.2305 – 1.2214 – 1.2028.
The analyzed technical tools are currently on the downside of the players. On H1, the advantage is on the side of the bears. The pair is testing the first support for the classic Pivot levels of 1.2348, then the support within the day is located at 1.2293 – 1.2234. If the players on the rise return to the key levels that joined their efforts at 1.2400-07 today (the Central Pivot level of the day + the weekly long-term trend), then we can expect some strengthening of bullish sentiment. At the same time, resistances on H1 will be 1.2462 – 1.2521 – 1.2576. In the current situation, it should be noted that there are a lot of support and resistance levels in the movement zone of the last few days, which currently have a greater impact on the situation and its development.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company – www.instaforex.com
EUR / USD
Last week, the players to decline managed to level out all previous achievements of the opponent once again. As a result, the pair has been working sideways for a long time, which is bounded above by the resistance of the weekly Fibo Kijun (1.0965) and the daily cloud that came to support not so long ago, and from below by the historical support 1.0778, which combines its efforts with the first target of the weekly target on the breakdown of the cloud. The center of attraction in this situation is the daily cross (Kijun 1.0873 + Tenkan 1.0893). At the same time, it should be noted that the movement forms an expanding formation, so it will not be enough to break through the key support and resistance to change the situation now. Instead, it will be more important to go beyond the trend lines and form successive extremes.
The key levels of the lower halves (central Pivot level + weekly long-term trend) today are combined in the area of 1.0843. Now, working below the levels will give preference to H1 players on the downside, for which the pivot points for H1 are the support of classic Pivot levels 1.0810 – 1.0782 – 1.0749. In the case of securing higher levels, the advantage in the lower halves will go to the side of the players to increase. The following resistances within the day today are located at 1.0871 – 1.0904 – 1.0932.
GBP / USD
The pair currently remains in the zone of attraction of the day cross (1.2349 – 1.2406 – 1.2453). At the same time, it should be noted that over the past two weeks, both the players to increase who failed to go beyond the resistance and the previous maximum (1.2647), and the players to decline who failed to cope with the support and did not update the minimum extreme (1.2246), have failed. As a result, uncertainty dominates, and the most important supports and resistances of this area retain their significance and location. The resistance is located at 1.2460 – 1.2540-50 – 1.2670-1.2711, while support levels are at 1.2305 – 1.2214 – 1.2028.
The analyzed technical tools are currently on the downside of the players. On H1, the advantage is on the side of the bears. The pair is testing the first support for the classic Pivot levels of 1.2348, then the support within the day is located at 1.2293 – 1.2234. If the players on the rise return to the key levels that joined their efforts at 1.2400-07 today (the Central Pivot level of the day + the weekly long-term trend), then we can expect some strengthening of bullish sentiment. At the same time, resistances on H1 will be 1.2462 – 1.2521 – 1.2576. In the current situation, it should be noted that there are a lot of support and resistance levels in the movement zone of the last few days, which currently have a greater impact on the situation and its development.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company – www.instaforex.com
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