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EUR/USD
Higher timeframes
Bulls ended last week very optimistically. Tomorrow we will close the month of May, so bulls need to keep their moods and positions. Otherwise, the formation of a rebound may begin from the met weekly resistances, which in turn may change or cancel the optimistic mood that is present now, aimed at continuing the implementation of the upward trend. Met weekly resistance today slightly changed their location. The weekly short-term trend has weakened its current opposition to bulls, dropping to the 1.0702 area. Weekly Fibo Kijun maintains its defense at the line of 1.0787. Overcoming will open up opportunities for a rise to the weekly medium-term trend (1.0922), which is now strengthening the daily cloud.
H4 – H1
On lower timeframes, the main advantage continues to be on the side of bulls. Today intraday they have already tested the first resistance of the classic pivot points (1.0767), further attention can be directed to the conquest of 1.0800 (R2) and 1.0835 (R3). The key levels of the lower timeframes today serve as supports: 1.0732 (central pivot point) and 1.0707 (weekly long-term trend). A breakdown and a reliable consolidation below can change the current balance of power in the lower timeframes and serve as the beginning of a change in the mood of the higher timeframes. Supports within the day are the classic pivot points located at 1.0699 – 1.0664 – 1.0631.
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GBP/USD
Higher timeframes
Bulls ran into the resistance of the weekly (1.2660) and monthly (1.2678) levels. A breakdown and consolidation above 1.2660–78 will allow considering new prospects for bulls. The nearest reference point for further growth can be noted at the weekly boundary of 1.2764. Nevertheless, it should be noted that the strength of the met resistance levels is now able to slow down the current movement. With a decrease, support may be provided by the levels of the daily Ichimoku cross (1.2578 – 1.2497 – 1.2416).
H4 – H1
In the lower timeframes, the advantage belongs to the bulls. Reference points for the rise within the day are 1.2668 – 1.2707 – 1.2749 (classic pivot points). The day before, the target for the breakdown of the H4 cloud (1.2647) was worked out, so the expectation of a corrective decline in the lower timeframes is also present. Key levels are forming support levels today at 1.2626 (central pivot point of the day) and 1.2577 (weekly long-term trend). Consolidation below and reversal of the moving average will change the current balance of power.
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In the technical analysis of the situation, the following are used:
higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
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