13.09.202311:40 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis for September 13

EUR/USD

Higher Timeframes

The attraction and influence of the monthly medium-term trend (1.0722) continue to impact the current situation. The upward correction is moving slowly but still towards its first target level—the daily short-term trend, which has now descended to 1.0785. If the bulls manage to seize control of the daily Tenkan, then the most significant area will be at 1.0875–79 (daily medium-term trend + monthly short-term trend + weekly Fibonacci Kijun), with interim resistance possibly at 1.0830 (daily Fibonacci Kijun). For the bears, their main task remains the same—to overcome the attraction at 1.0722 and firmly establish themselves below the correction low (1.0687).

H4 - H1

On the lower timeframes, the bulls are currently maintaining the advantage, continuing to work above key levels, which are now located at the 1.0725 - 1.0743 range (weekly long-term trend + central pivot point). The development of the upward movement will lead to the testing of intraday resistance levels of classic pivot points (1.0780 - 1.0806 - 1.0843). When priorities shift, attention will focus on support levels of classic pivot points (1.0717 - 1.0680 - 1.0654).

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GBP/USD

Higher Timeframes

The attraction of the monthly short-term trend (1.2477) is holding back the situation's development, resulting in consolidation with a slight corrective rise. At the same time, strong resistances from different timeframes are guarding this correction stage at 1.2537 (weekly Fibonacci Kijun) - 1.2582–89 (monthly Fibonacci Kijun + daily short-term trend). If the bears manage to break free from the influence of the monthly Tenkan (1.2477), their reward could be achieving the target of breaking the daily Ichimoku cloud (1.2311 - 1.2394).

H4 - H1

Over the past few days, the weekly long-term trend has withstood all the attacks and pressure from the bullish side, defending the bearish dominance in the situation. Today, the weekly long-term trend has joined forces with the central pivot point of the day at 1.2491. A break above could change the current balance of power in favor of the bulls, and intraday targets for further ascent will be at 1.2523 - 1.2562 - 1.2594 (resistances of classic pivot points). Failure by the bulls and the opponent's activity could lead to further strengthening of bearish sentiment, with subsequent reference points for decline in this case noted at 1.2420 - 1.2381 (supports of classic pivot points).

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The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)