FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on April 6, 2021

EUR/USD

Bullish traders managed to break through the daily short-term trend yesterday and continue its growth. Currently, they are testing the resistance of the first target (1.1821). After that, they can further move upwards to 1.1860 - 1.1886 - 1.1909 (daily levels + weekly Fibo Kijun). The main bullish prospect is to retest the overcame levels. The situation will further develop depending on the result of these tests and interactions. Today, we can note the support levels set at 1.1762 (daily Tenkan + 100% target for the breakdown of the cloud) and 1.1695 (monthly Fibo Kijun).

Yesterday's support of the weekly long-term trend helped the bulls to maintain their advantage. As a result, the upward movement continues, and a new high was recorded today. The resistances of the classic pivot levels (1.1842 - 1.1872 - 1.1924) are now used as intraday upward targets. In the current situation, the key levels on the H1 chart continue to act as supports and are currently seen at 1.1790 (central pivot level) and 1.1757 (weekly long-term trend). A consolidation below can change the current balance of power in the smaller time frames. Here, the main task of the bears is to update the low (1.1704) and break through the monthly support (1.1695).

GBP/USD

Yesterday, the bulls continued rising and began testing a fairly wide support zone 1.3904 - 1.3952 - 1.4002, which is formed by daily, weekly and monthly resistance levels. Today, it shows that the strength of the encountered resistance (1.3904) triggered bearish activity. The bearish traders have already rested on the support of the daily medium-term trend (1.3842). Therefore, we can note the downward targets set at 1.3794 (daily Tenkan) and 1.3714-10 (daily Senkou Span B + weekly Fibo Kijun).

The downward correction is seen developing in the smaller time frames. The pound sterling fell below the central pivot level of the day (1.3874). Next, the most important support will be the weekly long-term trend (1.3812). A consolidation below it will change the balance of power in the same time frame and will serve as a confirmation of a full-fledged rebound from the weekly resistance (1.3904). Today, the next bearish pivot points are located at 1.3773 (S2) and 1.3734 (S3).

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.