FX.co ★ Technical analysis recommendations of EUR/USD and GBP/USD on September 27

EUR/USD

The bears failed to break through the support level they encountered last week with the monthly Fibo Kijun (1.1695). Today, they continue to assault the level. Its breakdown, as well as the subsequent update of the minimum extreme (1.1664), will open new bearish prospects. The nearest resistance levels are currently joining forces in the area of 1.1757-61-69 (daily Tenkan + Fibo Kijun + Senkou Span A).

The advantage in the smaller timeframes now belongs to bearish traders. The next downward targets can be considered at 1.1676 and 1.1650 (classic pivot levels). Today, the key levels in the H1 chart coincide in their location and are now located at 1.1723-24 (central pivot level + weekly long-term trend). Meanwhile, the resistances of the classic pivot levels are at 1.1744 -70-91.

GBP/USD

The bears managed to close the previous week in the Ichimoku cloud, while breaking through the Ichimoku gold cross on the daily timeframe. If they manage to close the month in the coming days, retaining the possession of the monthly short-term trend, which currently looks almost like an established fact, then the bears will have good advantages and opportunities to further decline and strengthen their sentiments. The only important obstacle on this path can be identified in the area of 1.3571 - 1.3601, where the minimum extremes of the past two months are located.

There is a struggle for key levels in the smaller time frames right now, and so, traders are trying to get the current advantage. It should be noted that positioning and trading above the range of 1.3672-88 (central pivot level + weekly long-term trend) will favor bulls. Their intraday pivot points are the resistance of the classic pivot levels, which are set at 1.3720 - 1.3766 - 1.3798.

In turn, the breakdown of the levels of 1.3672-88 and consolidation below them will strengthen the bears. Their pivot points here will be the support of the classic pivot levels at 1.3642 - 1.3610 - 1.3564.

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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.