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13.05.2021 01:45 PM
Technical analysis and recommendations for EUR/USD and GBP/USD on May 13, 2021

EUR/USD

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Based on the prospects drawn during the previous days, the bears won, who were able to make a downward movement to the daily short-term trend (1.2082) yesterday and close the day below it. The next pivot point for the decline is the area where the daily and weekly medium-term trends (1.2022-27) are combined. The closest support can be noted at 1.2059 (daily Fibo Kijun), while the current resistance is at the level 1.2105 (weekly Fibo Kijun), which was overcome yesterday. The strength and value is still maintained by the historical level of 1.2150, the next testing of which ended yesterday with the failure of the bulls.

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The key levels in the smaller time frames moved to the bearish side during the decline. The pair retested the level of 1.2097 (central pivot level) and 1.2118 (weekly long-term trend) some time ago, updated the low and continues to decline. The support levels of 1.2041 - 1.2011 - 1.1955 continue to be the downward benchmarks. But if the sentiment changes and consolidation occurs above the range of 1.2097 - 1.2118, the main attention and interest will be directed to the recovery of the upward trend (1.2182).

GBP/USD

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Bullish traders failed to break through the daily target and sharply consolidate above. As a result of which, the pound started to decline. Now, there is a fairly wide support zone before the bearish traders, which is formed from the levels of different time frames. The nearest supports are set at 1.4008 (historical line) and 1.3983-58 (daily Tenkan + upper border of the monthly cloud).

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The bears are busy breaking the weekly trend in the smaller period. A consolidation below the range of 1.4083-48 (central pivot level + the weekly long-term trend) and a reversal of the moving average will change the balance of power in the lower halves and will form new bearish prospects.

Today's intraday support levels are 1.4014 - 1.3979 - 1.3910 (classic pivot levels). If the key levels (1.4083-48) return to the bulls' side, the resistance levels can be noted at 1.4118 (R1) - 1.4187 (R2) - 1.4222 (R3).

***

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.

Evangelos Poulakis,
Analytical expert of InstaForex
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