16.11.202112:46 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on November 16, 2021

EUR/USD

Yesterday, the bears continued to fall. The breakdown of the monthly accumulation of levels in the area of 1.1492 - 1.1474 - 1.1447 opens up opportunities to decline and test the next important monthly pivot point, which is now the final line of the Ichimoku dead cross (1.1290). The breakdown of this support will eliminate the monthly dead cross, which, together with the consolidation in the bearish zone relative to the monthly and weekly Ichimoku clouds, will form new opportunities and pivot points to further strengthen the bearish sentiments in the higher timeframes.

The past upward correction in the lower timeframes ended with the recovery of the downward trend. As a result, the advantages are completely on the bearish side again. Nevertheless, it should be noted that there is currently another slowdown and the emergence of an upward correction.

And in the case of the development of a new upward correction, attention will be directed to the breakdown of the resistance of the central pivot level (1.1396), and then to the weekly long-term trend (1.1480). The first resistance (1.1435) can act as the nearest pivot point in this way. Moreover, a reliable consolidation above the level of 1.1480 and a reversal of the moving will change the current balance of forces on the same timeframes, so a new analysis of the overall situation and prospects will be required.

GBP/USD

Contrary to the euro, the pound failed to continue its decline yesterday, remaining in the attraction zone of the support level of the previous minimum extremum (1.3411). Today, bullish traders are trying to restore their positions. The next upward pivot points in the current situation are 1.3524-36 (daily levels) and 1.3571 - 1.3601 (historical levels + weekly short-term trend).

The bulls are currently trying to conquer the key levels of 1.3421-44 (central pivot level + weekly long-term trend) in the smaller TFs. A consolidation above and reversal of moving averages will shift the main advantage to the bullish side After breaking through the final resistance of the classic pivot levels (1.3486), the benchmarks to further rise will be the resistances in the higher TFS. The nearest levels are set at 1.3524-36. If the bulls fail to increase, the main task will be to restore the downward trend (1.3352).

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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.