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FX.co ★ Technical recommendations for EUR/USD and GBP/USD on November 10

Technical recommendations for EUR/USD and GBP/USD on November 10

EUR / USD

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The bulls failed to maintain their positions after testing the level of 1.1881 and working out the target for the breakdown of the H4 cloud and so, they took a break. As a result of which the euro returned to an important support zone (1.1812-1.1752), which is a daily cloud strengthened by a daily cross and a weekly short term. Now, trading above this zone will allow the bulls to keep their chances to quickly recover their positions and continue rising. However, a consolidation below and even more so an exit from the monthly cloud (1.1688) will change the current balance of power and return bearish mood to the market. In this case, the next pivot will be updating and overcoming the area of lows (1.1602-12).

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The pair is in the correction zone on the hourly TF. The bulls have lost the central pivot level (1.1842), which now acts as a resistance, and focused on supporting the weekly long-term trend (1.1790), consolidating below which will change the balance of power in the smaller time frames, and the support for the classic pivot levels 1.1765 - 1.1717 - 1.1640 will become the downside goals within the day. Alternatively, if the central pivot level (1.1842) returns to the bulls' side, the main task will be to recover the upward trend (1.1920). We can note the resistance levels located at 1.1890 (R1) - 1.1967 (R2) - 1.2015 (R3).

GBP / USD

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The bulls successfully developed the target for the breakdown of the H4 cloud (1.3204) and continue to hold their positions, but they fail to consolidate above a significant historical level (1.32) even on four-hour TF. If the bulls can break this level, then we can continue towards the level of 1.3350 (lower limit of the monthly cloud) and 1.3481 (the maximum extreme). However, if this fails and a rebound forms, it will bring the pair back to the important supports 1.3077 - 1.2932, which now unite the daily cloud, daily cross and weekly levels (Tenkan + Fibo Kijun) in a wide zone.

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It is clearly seen in the smaller time frames that the bulls are still in favor and to limit the correction, they use the central pivot level, continuing the upward movement. Today, intraday reference points (classic pivot levels) are at 1.3251-1.3296. At the same time, the key support levels are located at 1.3161 (central pivot level) - 1.3087 (weekly long-term trend). If a consolidation occurs below, the current balance of power will change.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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