The euro showed growth to the combination of the previously mentioned resistance levels set at 1.1975-91 (daily levels + weekly medium-term trend). Today is the closing of the week. A consolidation above these reached resistances will lead to the formation of an upward pullback from this week’s tested final support of the weekly gold cross of Ichimoku (1.1886).
The next important upward pivot points are the accumulation of levels in the area of 1.2064-39 and the daily cloud. If the indicated resistance stopped the daily upward correction, and the bears get a good result, then their interest will be direction on the breakdown of the weekly cross (1.1886) and implementation of the daily target for the breakout of the cloud (1.1821 – 1.1762), as well as the monthly correction to the short-term trend (1.1766).
The pair is in the correction zone in the smaller time frames. Now, the bears successfully declined below the central pivot level (1.1963). The nearest support level is located at 1.1937 (S1), but traders will focus more on the weekly long-term trend (1.1910). The next supports for the classic pivot levels are seen at 1.1889 (S2) and 1.1863 (S3). Once the correction is over and growth continues, the intraday pivot points will be considered at 1.2011 (R1) – 1.2037 (R2) – 1.2085 (R3).
The pair remains in an upward trend and the bulls are still attempting to break through the Ichimoku day cross, whose final border is located at 1.4019. A consolidation above which will lead the pair to the resistance levels of 1.4118 – 1.4181 – 1.4240. On the other hand, the combining zone of several levels now acts as a support zone of 1.3904 – 1.3845 (daily levels + the first target of the weekly target for the breakout of the cloud). If the pair manages to return below it, the upward trend will be done, and the decline will resume.
Bullish traders remain to be in favor in the smaller time frames. However, there is a formation of a downward correction in the past hours. Here, bearish traders successfully broke through the central pivot level (1.3967) and further moved down. At the moment, the support level of 1.3940 (S1) is being tested, but the main pivot point of the current correction is set at 1.3885 (weekly long-term trend). Given that the correction ends, the upward targets will be relevant again. Today, the intraday resistances of the classic pivot levels are seen at 1.4016 – 1.4043 – 1.4092.
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 material has been provided by InstaForex Company – www.instaforex.com
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