EUR/USD

As the week comes to a close, bullish players have tested the upper boundaries of the Ichimoku clouds, with the monthly level at 1.0943 and the weekly level at 1.0948. Currently, the market has returned to a resistance cluster in the range of 1.0819 to 1.0856. A rejection in this area could indicate a shift in market priorities. The nearest downside targets for potential declines are the support levels from various timeframes, converging in the zone of 1.0696 to 1.0727.

On lower timeframes, the bears have consolidated below key levels, specifically at 1.0858 (the central daily Pivot level) and 1.0870 (the weekly long-term trend). Trading below these crucial levels reinforces bearish sentiment and sets the stage for additional downward momentum. The intraday downside targets include classic Pivot support levels at 1.0817, 1.0783, and 1.0743. However, if bullish players regain control, the market focus will shift to the classic Pivot resistance levels at 1.0892, 1.0933, and 1.0967.

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GBP/USD

There have been no significant changes in market conditions throughout the week. The market remains uncertain, influenced by key levels (1.2873 – 1.2923) and the first target level of the daily breakout objective at 1.2952. Due to this uncertainty, expectations remain unchanged. Bullish traders are still aiming to fully achieve the daily target at 1.3047, while bearish traders are looking to develop a corrective decline, potentially reaching the short-term daily trend at 1.2833 and further down to the monthly support levels of 1.2765 – 1.2807.

The market is consolidating around these key levels, using them as support. A breakout of the weekly long-term trend at 1.2929 and a subsequent reversal could shift the balance of power. For further bearish momentum, the intraday downside targets are the classic Pivot support levels at 1.2873, 1.2848, and 1.2825. If bullish traders attempt to regain control, the upside targets will be the classic Pivot resistance levels at 1.2973, 1.2998, and 1.3025.

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Technical Analysis Components:

• Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
• H1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)