Relevance up to 04:00 2022-06-11 UTC–4
Another setback was waiting for the bulls yesterday during the rise to 1.0787 (weekly Fibo Kijun). The result turned in favor of the bears, which closed the last working day below the important supports 1.0643-20, thereby making a bid to gain support for their moods from the weekly short-term trend. Confirmation and reliable consolidation below 1.0643-20 will strengthen bearish sentiment. The nearest reference point in this direction is now the area of 1.0568 – 1.0539 – 1.0516, which is a combination of levels of different timeframes.
H4 – H1
On lower timeframes, the main advantage now belongs to bears. Their reference points for the continuation of the decline within the day are the classic pivot points (1.0560 – 1.0504 – 1.0397). The key levels of the lower timeframes, which are responsible for the distribution of forces, are located today at the levels of 1.0667 (central pivot point of the day) and 1.0698 (weekly long-term trend). Consolidation above will transfer the main advantage to the bulls. Their reference points, in this case, will be the resistance of the classic pivot points (1.0723 – 1.0830 – 1.0886).
There have been no significant changes in the movement yet. The pair remains in the zone of attraction of the daily short-term trend (1.2540), consolidating on the supports of other levels of the daily Ichimoku golden cross. Liquidation of the daily cross (1.2471 – 1.2410 – 1.2350 ) is now the main task for the bears. After overcoming its supports, bears will be able to make plans to update the minimum extremum (1.2155), which will allow them to restore the downward trend on the higher timeframes. The nearest most significant resistance of this area continues to remain within 1.2652-78 (weekly short-term trend + the lower limit of the monthly cloud).
H4 – H1
The main advantage on the lower timeframes now belongs to the bears, as the pair is currently operating below key levels. Key levels determine the balance of power. Today they defend bullish interests, located in the area of 1.2511-28 (central pivot point of the day + weekly long-term trend). Reference points for movement within the day are the classic pivot points. Their support is currently at 1.2465 – 1.2440 – 1.2394, and resistance can be noted at 1.2536 – 1.2582 – 1.2607.
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)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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