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FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

EUR/USD

Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

The bears failed to confirm the rebound from the met resistance, led by the weekly Fibo Kijun (1.1886), but its opponent managed to close the day yesterday above the level of 1.1886. Today, the final level of the daily gold cross went to the area of current events, thus, breaking through the resistance levels. The continuation of the upward movement will open the way to the next accumulation of levels at 1.1972-76 (weekly and monthly levels). It is possible that the attraction of the level of 1.1886 will be stronger and longer. If so, the pair will close the week within its borders.

Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

The main advantage in the smaller time frames still belongs to the bulls, but the downward correction is currently in force again. Here, bearish traders are trying to consolidate below the central pivot level (1.1900). If they manage to do so, we can consider the next important pivot point set at the weekly long-term trend (1.1840). The nearest support level is located at 1.1873 (S1). But if the upward trend continues, the resistances of the classic pivot levels can be noted at 1.1939 - 1.1966 - 1.2005.

GBP/USD

Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

The closing of the week is approaching. Bearish players are trying to break through the important borders, which they encountered in the area of 1.3714-10 (weekly Fibo Kijun + lower border of the daily cloud). Once the supports are broken and the price consolidates in the bearish zone relative to the daily cloud, a downward target will be formed on the breakdown of the Ichimoku cloud. All this will lead to the continuation of the weekly downward correction to the medium-term trend (1.3548). Currently, the resistance zone is formed by the levels of the daily Ichimoku cross – 1.3794 - 1.3837 - 1.3876.

Technical analysis recommendations for EUR/USD and GBP/USD on April 9, 2021

The bears, having an advantage in the smaller time frames, tested the support level of 1.3680 (S2) and are now in the correctional zone. The next pivot point is 1.3642 (S3). Today, the Key H1 levels are resistances, which are located at 1.3743 (central pivot level) and 1.3805 (weekly long-term trend). This divergence of levels provides opportunities for longer slowdown or corrective growth without changing the main advantages in the balance of forces.

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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.

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