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FX.co ★ Technical recommendations for EUR/USD and GBP/USD on November 11

Technical recommendations for EUR/USD and GBP/USD on November 11

EUR/USD

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The euro hesitated, but still slowed down. The bulls, in turn, took a break and retreated, while the opponent failed to do more. The main findings and expectations stated yesterday remain relevant. The support zone, which can influence the distribution of the current favors, is still located at 1.1812 - 1.1752 (daily cloud + daily cross + weekly Tenkan), and the nearest upward pivot point is at 1.1881 - 1.1929. As for bears, we can note the next goals located at 1.1688 and 1.1602-12, in case of breaking through the level of 1.1752.

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The key levels in the smaller time frames are united at the level of 1.1812, which is strengthened by the bigger time frames. A consolidation below which will allow players to think about declining, particularly to the lower limit of the daily cloud and weekly Tenkan of the daily time frame. The support levels are located today at 1.1782 - 1.1749 - 1.1719. If we maintain these key levels (weekly long-term trend 1.1813 + central pivot level 1.1812) as a support, it will allow us to recover our bullish positions. Meanwhile, the resistance levels within the day are the classic pivot levels 1.1845 - 1.1875 - 1.1908.

GBP/USD

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The bulls held their reached positions and continued to rise. The all-time level of 1.32 on the daily and smaller TFs turned into support. Now, the next upward goals are 1.3350 (lower limit of the monthly cloud) and 1.3481 (extreme high). The support role is also currently performed by 1.3077 (upper limit of the daily cloud + daily cross) and 1.2932 (weekly Tenkan + Fibo Kijun + lower limit of the daily cloud).

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At the moment, the bulls are taking advantage of the upward trend. The upward goals within the day are the resistances of the classic pivot levels, which are located today at 1.3313 - 1.3356 - 1.3436. If the correction develops, we can reach the key supports at 1.3233 (central pivot level) and 1.3133 (weekly long-term trend). The nearest support can be noted at 1.3190 (S1).

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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