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FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on April 20

Technical analysis recommendations for EUR/USD and GBP/USD on April 20

EUR/USD

Technical analysis recommendations for EUR/USD and GBP/USD on April 20

Bullish traders continue to rise. In April, they managed to recover almost everything that was lost in March. Currently, the zone of upward targets – 1.2064 (weekly Fibo Kijun) - 1.2092 (daily Senkou Span B) is being tested. The breakdown of these levels and a consolidation above it will allow us to consider new prospects. In such a case, the pivot points will be the maximum extremes of the previous movement (1.2243-1.2349) as well as the upward target for the breakdown of the daily Ichimoku cloud. If there are changes in the current mood, then we can note the nearest support set at 1.2007 (lower limit of the daily cloud) and around the level of 1.1976 (accumulation of levels of different time frames).

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Technical analysis recommendations for EUR/USD and GBP/USD on April 20

At the moment, all analyzed technical instruments in the smaller time frames support the bulls, who continue to develop an upward trend. The intraday upward targets are seen at 1.2075 - 1.2114 - 1.2180 (resistances of classic pivot levels, while the key H1 levels currently act as supports and combine their efforts in the area of 1.2009 (central pivot level) and 1.1980 (the weekly long-term trend). A sharp consolidation below can change the current balance of power.

GBP/USD

Technical analysis recommendations for EUR/USD and GBP/USD on April 20

Yesterday, the bulls managed to show a rare activity and performance for the last time. As a result, the resistance zone of 1.3955 (weekly short-term trend) - 1.4002 (upper limit of the monthly cloud) is being tested. The breakdown of the met borders and a reliable consolidation above will allow us to form and identify new upward pivot points, among which the daily target for a cloud breakout, the restoration of the monthly upward trend (1.4240) and the prospects for a monthly target for a cloud breakout can be noted. Now, the attraction and influence are provided by the encountered levels (1.3955-1.4002). The next support can also be provided by the daily levels. The nearest cloud and cross are located at 1.3928-1.3879.

Technical analysis recommendations for EUR/USD and GBP/USD on April 20

The current key advantage in the smaller time frames is in the bulls' side. Today, their intraday upward targets are located at 1.4046 - 1.4111 - 1.4229 (classic pivot levels). On the other hand, the key H1 levels provide opportunities for the development of a downward correction. They can be noted at 1.3928 (central pivot level) and 1.3822 (weekly long-term trend), while the nearest support is set at 1.3863 (S1).

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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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