Euro To US Dollar (EUR/USD) And GBP/USD - What Do We Learn From Technical Analysis

UK Budget: Short-term positives to be met with medium-term caution

Relevance up to 10:00 2022-07-15 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

EUR/USD

 

Exchange Rates 14.07.2022 analysis

 

Higher timeframes

Interaction with 1.0000 support continues. The emerging inhibition has formed. As a result, the situation in its conclusions and expectations has not changed significantly. Bears are interested in passing the level and consolidating below. At the same time, it is desirable for the opponent that the deceleration becomes not just a pause before the next stage of decline but leads to more significant results and the beginning of a new corrective rise. The nearest resistance today is located at 1.0231 (daily short-term trend).

 

Exchange Rates 14.07.2022 analysis

 

H4 – H1

The pair continues to trade in the correction zone on the lower timeframes, limited by key levels. Key levels are bearish today, consolidating around 1.0059–92 (central pivot of the day + weekly long-term trend). Consolidation above will change the current balance of power in favor of a possible increase in bullish sentiment. The succeeding upward reference points within the day will be the resistance of the classic pivot points (1.0121 – 1.0184 – 1.0246). The exit from the correction zone and the continuation of the downward trend will return the relevance to the downward benchmarks of the current day—the support of the classic pivot points (0.9996 – 0.9934 – 0.9871).

***

GBP/USD

 

Exchange Rates 14.07.2022 analysis

 

Higher timeframes

The pair traded in the daily correction zone for the past day. The nearest boundaries of the current movement are Tuesday's low (1.1807) and the resistance area of 1.1986 – 1.2000 (daily short-term trend + weekly long-term trend). Consolidation above or below these boundaries will allow us to consider new perspectives.

 

Exchange Rates 14.07.2022 analysis

 

H4 – H1

At the moment, the pair remains in the correction zone. The correction has been supported for a long time by the first classic pivot point of the day—S1 (1.1819). Further, S2 (1.1752) and S3 (1.1678) can serve as reference points for the decline. The key levels of the lower timeframes are now holding back the development of the correction and are located today at 1.1893 (central pivot point of the day) and 1.1932 (weekly long-term trend). Consolidation above will change the current balance of power in favor of strengthening bullish sentiment. Further reference points for the rise within the day today will be the resistance of the classic pivot points (1.1960 – 1.2034 – 1.2101).

***

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)

 

Read more: https://www.instaforex.eu/forex_analysis/316180

UK Budget: Short-term positives to be met with medium-term caution

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