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Forex Traiding

EUR / USD and GBP / USD January 6 – technical analysis recommendations

DATE OF PUBLICATION: 2021-01-06 11: 47: 01EUR / USD Despite the preconditions for the correction, the bullish traders again returned to the maximum of last year and renewed it. The ascent continues. The closest upside target in the higher halves is the historic high of 1.2555 (2018 high). The current support, which helped to complete the last correctional decline, remains the daily short-term trend, located today at 1.2249. Further, most likely, the support will be at 1.2170-84 (historical level + daily Fibo Kijun). The bullish players were able to retain the key supports of the minor halves, completing the correction in their area, they continued to rise. At the moment, the resistance R2 (1.2343) of the classic Pivot levels is being tested, R3 is waiting for the pair at 1.2381. Key support levels today are located at 1.2282 (central pivot level) and 1.2274 (weekly long-term trend), slightly lower is the daily Tenkan (1.2249). Fixation below this trio will change the balance of power up to the daytime, which may be the beginning of a larger downward correction. GBP / USD The players did not manage to confirm and develop the correctional decline, nevertheless the pair remains in the correction zone. For the emergence and realization of bullish potential, it is necessary to leave the correction zone and securely consolidate above the maximum extreme (1.3703). The main support zones today retain their location at 1.3538 – 1.3481 (historical levels + daily Tenkan + daily Fibo Kijun) and 1.3404 – 1.3350 (weekly Tenkan + daily Kijun + daily Fibo Kijun + monthly Senkou Span A) The bulls are holding support for key levels (central pivot level + weekly long-term trend), which are now joining forces around 1.36. Thanks to this, they have an initial advantage on H1. The resistance of the classic Pivot-levels 1.3659 – 1.3694 – 1.3747 acts as upward guidance within the day. The loss of key supports in the lower halves and the renewal of the low (1.3540) will return the pair to significant levels of support and attraction in the higher halves (the first zone is 1.3538 – 1.3481). Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Avarage (120) Material provided by InstaForex – Source – InstaForex

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