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07.09.202215:57 Forex Analysis & Reviews: Technical analysis recommendations on EUR/USD and GBP/USD for September 7, 2022

EUR/USD

Exchange Rates 07.09.2022 analysis

Higher timeframes

There was no effective reduction. The pair again failed to close the day below the previous low (0.9901). If the bears fail to return to the development of a downward trend, the next targets in the near future will be at 0.9000 (psychological level) and 0.8225 (2000 low). Bulls' attention will then be directed to finding support in the area of 0.9977 – 1.0000 (daily short-term trend + psychological level) and the elimination of the daily death cross (1.0066 – 1.0124 – 1.0181 ), reinforced by the weekly short-term trend (1.0124).

Exchange Rates 07.09.2022 analysis

H4 – H1

Resistance to the weekly long-term trend keeps the situation from changing the mood. The main advantage remains on the side of the bears. The reference points for the decline within the day are the support of the classic pivot points at 0.9849 – 0.9795 – 0.9726. The key levels of the lower timeframes is currently at 0.9918 (central pivot) and 0.9957 (long-term weekly trend). Consolidation above can change the current balance of power. Further targets for the upward movement are 0.9972 – 1.0041 – 1.0095 (classic pivot points resistance).

***

GBP/USD

Exchange Rates 07.09.2022 analysis

Higher timeframes

Bulls yesterday failed to effectively develop the emerging correction, so the situation has not changed significantly. The nearest support remains at 1.1411. Its breakdown in the higher timeframes will open up new targets. The nearest resistance is the daily short-term trend (1.1672).

Exchange Rates 07.09.2022 analysis

H4 – H1

In the lower timeframes, bears keep the advantage. Now, to continue the decline, we can note the support of classic pivot points (1.1423 - 1.1354) as benchmarks. The key levels today, which are at 1.1539–43 (weekly long-term trend + central pivot point), serve as resistance. Further targets for the upward trend are 1.1586 – 1.1655 – 1.1702 (resistances of classic pivot points). They will come into operation in the event of a change in the current balance of power.

***

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)

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Evangelos Poulakis,
Analytical expert of InstaSpot
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