Forex: EUR/USD & GBP/USD - Technical Analysis - 29/08/22

"A notable risk facing credit markets next year is the potential for the European Central Bank (ECB) to reduce the size of its balance sheet via the tapering of the asset purchase programme"

EUR/USD

 

Exchange Rates 29.08.2022 analysis

 

Higher time frames

Last week, the pair hit a new extreme low (0.9952) and closed below the psychological level of 1.0000. If the downtrend goes on, the targets are seen at 0.9000 (psychological level) and 0.8225 (2000 extreme low). In this light, bulls will try to break through 1.0000. Ichimoku Kinko Hyo resistance is currently standing at 1.0052 – 1.0080 – 1.0135 – 1.0190 and 1.0182 (weekly short-term trend).

 

Exchange Rates 29.08.2022 analysis

 

H4 – H1

The bullish zone is again lost. There is a strong bearish bias as trading is below the key levels of 0.9963 (weekly long-term trend) and 1.0000 (central Pivot level). A change in the balance of power will again shift if the price consolidates above these marks. Resistance is seen at 1.0054 – 1.0143 – 1.0197 (classic Pivot levels). Should bears remain strong, the quote may fall to 0.9911 – 0.9857 – 0.9768 (classic Pivot support).

***

GBP/USD

 

Exchange Rates 29.08.2022 analysis

 

Higher time frames

Last week, the pair hit a new extreme low of 1.1759. This level has now turned into resistance and is seen as the nearest bullish target. Today, bears are ready to extend the downtrend, with the target at 1.1411 (2020 low).

 

Exchange Rates 29.08.2022 analysis

 

H4 – H1

In lower time frames, there is still a strong bearish bias. The quote has tested 1.1678 support. The intraday targets stand at 1.1620 – 1.1509 (classic Pivot levels). The bullish intraday targets are seen at around 1.1789-88 (weekly long-term trend and central Pivot level).

***

Indicators used in technical analysis:

higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun

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

 

Relevance up to 12:00 2022-08-30 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.

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"A notable risk facing credit markets next year is the potential for the European Central Bank (ECB) to reduce the size of its balance sheet via the tapering of the asset purchase programme"

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