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FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

EUR/USD

Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

Higher timeframes

Bears failed to actively continue the decline yesterday. There was a candle of uncertainty, and the pair remained in the zone of attraction of the daily short-term trend (1.0196). The levels of the daily Ichimoku cross (1.0157 - 1.0196 - 1.0220 - 1.0284), exerting their attraction and influence, may hold back the development of the movement of either side in the near term.

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Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

H4 – H1

On the lower timeframes, the advantage remains on the side of the bears, but they have now corrected their positions to the weekly long-term trend (1.0202), thus approaching the equilibrium point. Possession of a level determines the presence of advantages. Additional upward targets within the day today can be noted at 1.0210 - 1.0253 - 1.0297 (resistance of the classic pivot points). And the targets for the decline are 1.0166 - 1.0123 - 1.0079 - 1.0036 (classic pivot points).

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GBP/USD

Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

Higher timeframes

The pair met support yesterday in the zone of the daily short-term trend (1.2104), as a result, it returned to the zone of influence of the weekly short-term trend (1.2178). It is now important for bulls to go above 1.2266–93 (the lower limit of the daily cloud + the nearest high). For bears, the departure from 1.2178 and the breakdown of the daily short-term at 1.2127 will be important. Further attention will be directed to 1.2000 - 1.2026 (psychological level + daily medium-term trend).

Technical analysis recommendations on EUR/USD and GBP/USD for August 4, 2022

H4 – H1

Bears have executed a corrective rise, tested the key level—the weekly long-term trend (1.2183) and have updated the correction low by now. The downward targets within the day today are 1.2093 - 1.2042 - 1.1985 (support of the classic pivot points).

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In the technical analysis of the situation, the following are used:

higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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

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