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22.05.2020 09:36 AM
Technical analysis recommendations for EUR/USD and GBP/USD on May 22

Economic calendar (Universal time)

The most significant event in today's calendar is the publication of the ECB's monetary policy minutes (11:30 UTC+00).

EUR / USD

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Players on increase did not manage to change a situation. As a result, a daily slowdown was marked once again in the euro near the resistance zone, led by the weekly Fibo Kijun (1.0965).Today, we close the week - the result of the week is important and interesting. The smaller the upper shadow of the weekly candle, the more optimistic the future will form for players to increase. In the case of further work in the side channel, the center of gravity of this movement, which is located in the area of 1.0873-93 (daily cross + weekly Tenkan), retains special significance and increased attention. Working above levels provides chances and some advantages for players to increase,while consolidation below enhances bearish sentiment and opportunity. The lower boundary of the movement is still represented by historical support 1.0778.

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We are currently witnessing the development of a downward correction in the lower halves. The bears pulled over the technical indicators and the central Pivot level. Today, the weekly long-term trend (1.0913) can compete for the interests of bulls. In addition, classic pivot levels S2 (1.0894) and S3 (1.0850) can provide support. Closing the week above the central pivot level (1.0965) would be a good result of the week.

GBP / USD

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Players on the rise do not give up hope and so far have stood firm at the turn of the weekly Fibo Kijun (1.2214). The accumulation of resistances (daily cross + daily cloud + H4 cloud) does not allow them to achieve effectiveness. As a result, by the end of the week, the pair has as the nearest and most important resistances the area of 1.2305 - 57 (daily Senkou span B + daily Kijun), as supports the current minimum of 1.2073 and levels 1.2047 - 1.0970, the center of attraction is the weekly Fibo Kijun (1.2214).

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The key support for the lower halves of 1.2217 (central Pivot level) and 1.2203 (weekly long-term trend), which now work in conjunction with the weekly Fibo Kijun (1.2214), help to keep players from declining. Today's negative statistics on the pound can help the bears push the levels, but judging by the already existing reaction, great performance may not happen. The intraday support today is located at 1.2186 - 1.2153 - 1.2122.

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

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