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14.08.2020 10:20 AM
Technical analysis recommendations for EUR/USD and GBP/USD on August 14

Technical analysis recommendations for EUR / USD and GBP / USD on August 14

EUR / USD

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Closing of the week is approaching. The pair remains within the range of last week's movement, thus maintaining uncertainty. The center of attraction and influence throughout the week is working at levels that have combined their efforts in the region of 1.1813 - 1.1740 - 1.1695 (worked out weekly target + monthly Senkou Span A + daily Tenkan). The conclusions and expectations voiced earlier remain the same, as they remain relevant. Perhaps, with the beginning of a new week, new opportunities and circumstances will appear.

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The uncertainty of the upper halves and the lack of clear preferences for the lower halves is a lifetime, with its own sequence of minimums and maximums, advantages and pivots, but the effectiveness of these movements is very weak. At the moment, on H1, bullish players retain the advantages and support of the analyzed technical instruments. The pair is now in the zone of attraction of the central pivot level (1.1819). On the other hand, resistances within the day are the classic Pivot levels (1.1858 - 1.1902 - 1.1941). If the decline continues, the interests of the players for an increase will further defend the support of the weekly long term trend (1.1782), which is strengthened today by S1 (1.1775). Anchoring below will swing the scales on H1 in favor of the bears. The next targets of the day will be S2 (1.1736) and S3 (1.1692).

GBP / USD

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An attempt to regain support for the daily short-term trend yesterday was unsuccessful again. Daily short-term (1.3083) remains on the side of the bears. Today is Friday, the next closing of the week, however, the pound has not yet managed to go beyond the movement of the last week. The pair continues to consolidate, remaining tied to the daily Tenkan. The benchmarks for key players remain at 1.32 (historical resistance) and 1.2915-38 (daily Fibo Kijun + upper border of the weekly cloud).

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The uncertainty of the upper halves led to the formation of a sideways movement. As a result of the lack of directional movement, the key levels of the lower halves merged again and took a horizontal position at . In this situation, the reference points within the day are the classic pivot levels: resistances 1.3115 - 1.3167 - 1.3211 and support 1.3019 - 1.2975 - 1.2923.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (Classic), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
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