15.05.202409:15 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis on May 15

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EUR/USD

Higher Timeframes

The bulls continued to recover their positions on Tuesday. Breaking through resistance levels, they managed to close the day above 1.0817 (daily medium-term trend + weekly short-term trend) and reached the daily cloud (1.0830 - 1.0839). Breaching the cloud and firmly consolidating in the bullish territory are the main objectives. After that, the bulls will focus on eliminating the daily (1.0867) and weekly (1.0871 - 1.0934) Ichimoku dead crosses. Failing to do so will return the market to a wide zone (1.0750 - 1.0773 - 1.0795 - 1.0808 - 1.0817), from which they are currently trying to break out of. Within this zone, sellers can quickly seize the initiative and set objectives to strengthen the bearish sentiment.

H4 – H1

Bulls have tested yesterday's high on the lower timeframes, and now they aim to extend the upward movement. Currently, their reference points are the resistance levels of the classic Pivot points (1.0841 – 1.0862 – 1.0899). In case of a bearish correction, the most significant support will be provided by the key levels – the central Pivot point of the day (1.0804) and the weekly long-term trend (1.0725). Breaking through these marks could alter the current balance of power. In this case, bears will direct their focus towards the support levels of the classic Pivot points (1.0746 – 1.0725).

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GBP/USD

Higher Timeframes

The pound, like the euro, is striving to regain bullish momentum. At the moment, the market has started to test the weekly medium-term trend (1.2596). The next target is the final level of the weekly dead cross (1.2666) and the daily cloud. A change in sentiment would return the situation to the area of support levels at 1.2549 – 1.2526 – 1.2502 (levels of daily and weekly Ichimoku crosses).

H4 – H1

The bulls have the main advantage on the lower timeframes. They are working on an upward movement, which is guided by resistance levels of classic Pivot points (1.2617 – 1.2646 – 1.2701). Key levels awaiting a bearish correction include the central Pivot point of the day (1.2562) and the weekly long-term trend (1.2529). A breakout and reversal could hand over the advantage and initiative to the other side, with further development of bearish sentiment linked to testing the strength of support at classic Pivot point levels (1.2478 – 1.2449).

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The technical analysis of the situation uses:

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

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

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