The past week was spent in the active consolidation zone. None of the traders manage to achieve changes in the current situation. The end of the month and year is approaching, so it is possible that the results will somehow affect the distribution of forces, although it is very possible that changes and new prospects are already planned next year.
The center of attraction is still the monthly level of 1.1290, which has recently been combining its efforts with the Ichimoku day cross (1.1308 – 1.1291 – 1.1261). For the bulls, it will be important for them to break through the nearest resistance levels of 1.1383 – 1.1360 (consolidation highs) and 1.1403 (weekly short-term trend). As for the bears, the minimum consolidation extremum (1.1186) remains to be a pivot point.
The key levels in the smaller timeframes (central pivot level 1.1324 + weekly long-term trend of 1.1304) are now in the attraction and influence zone of levels of higher timeframes (1.1308 – 1.1290 – 1.1261). Therefore, uncertainty dominates even in smaller intervals. To change the current situation, results, consolidation, and confirmation in the higher timeframes are needed. Today, intraday support can be designated at 1.1287 – 1.1268 (classic pivot levels). The resistances of the classic pivot levels are now at 1.1342 – 1.1361 – 1.1379.
At the close of last week, bullish traders were able to form another pullback from the monthly support (1.3164) and returned to the weekly bullish cloud. As a result, the main task for holding positions and consolidating what has been reached is to maintain the position above the daily dead cross of Ichimoku (1.3341 – 1.3303 – 1.3272) and the lower border of the weekly cloud, which has changed its position today and is now at 1.3358. For the development of prospects and the emergence of new pivot points, the bulls should break through the resistance zone, consisting of weekly levels (1.3429 – 1.3475) and a daily cloud.
The bulls have the main advantage in the smaller timeframes. Nevertheless, the pair has been in the correction zone for a long time, the center of which is now the central pivot level (1.3402). The intraday upward targets are set at 1.3431 – 1.3443 (classic pivot levels). If a downward correction develops, the depth of decline without changing the current balance of power may be significant, since the next key level responsible for the distribution of benefits is currently at 1.3321 (weekly long-term trend).
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.
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