FX.co ★ Technical analysis of EUR/USD and GBP/USD for April 8, 2021

EUR/USD

Yesterday, EUR/USD retested the weekly level of 1.1886. Then, an intraday correction occured to 1.1909. As a result, the euro slowed down and reversed. Today, the daily Kijun and the 1.1886 level provide resistance to bulls. The next target is seen at 1.1928 and 1.1972-76. Today, if the downward trend continues, the nearest support will be at 1.1842 (the daily Kijun) and 1.1810-21 (the daily short-term trend).

According to the lower time frame, the market is currently bearish. Today's main bearish target is set at 1.1816. The price may encounter support at 1.1846 and 1.1826. The key resistance level is now located at the Pivot Point of 1.1880. Other Pivot Points are at 1.1900 - 1.1934 - 1.1954.

***

GBP/USD

Yesterday, the downward trend extended. The price is now testing the support zone of 1.3714-10 (the weekly Kijun and the lower border of the daily Ichimoku Cloud). If the price goes above the support zone and consolidates, the next target will be to break through the Ichimoku Cloud. In such a case, the weekly correction to 1,3548 may also continue. The nearest resistances are seen at the daily levels of the Ichimoku Cross, 1.3811 - 1.3842 - 1.3883.

According to the lower time frame, the market is currently bearish. The intraday Pivot levels are located at 1.3692 - 1.3651 - 1.3577. The resistance levels are 1.3766 and 1.3825. If the price consolidates above these levels, the upward trend may well resume.

***

Tools used when conducting technical analysis:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Kijun and Fibo levels

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