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07.09.202310:00 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis for September 7

EUR/USD

Exchange Rates 07.09.2023 analysis

Higher Timeframes

The continuation of the decline at the opening of the new trading week helped the bearish players to drop to the area of the monthly medium-term trend (1.0722) and begin testing it. Yesterday, a slowdown was indicated. If the strength of the encountered support proves to be sufficient, then bullish players may attempt to conclude the decline and start recovering their positions. The most important resistances in the current situation are now at the levels of 1.0807 (the final level of the weekly Ichimoku cross) - 1.0879 (monthly short-term trend) - 1.0898 (weekly medium-term trend). If the decline continues, the euro awaits a fairly wide support zone of 1.0578 - 1.0533 - 1.0500 - 1.0447, formed by levels of various timeframes.

Exchange Rates 07.09.2023 analysis

H4 - H1

On the lower timeframes, the main advantage is currently on the bears' side. They are consolidating around the central pivot point of the day (1.0727), reinforced by the monthly medium-term trend (1.0722). In case of further decline during the day, classic pivot points may provide support (1.0704 - 1.0682 - 1.0659). To change the current balance of power in favor of the bullish players, they need to rise and establish themselves above the weekly long-term trend (1.0783), turning the moving average upwards. Intermediate resistance on this path today may come from the resistances of classic pivot points (1.0749 - 1.0772).

***

GBP/USD

Exchange Rates 07.09.2023 analysis

Higher Timeframes

Bearish players have completed another upward correction and continued the daily downward trend. Currently, in order to reach the main daily target—the target for breaking the daily cloud (1.2394 - 1.2311), they need to overcome the supports at 1.2477 (monthly short-term trend) and 1.2441 (the final level of the weekly Ichimoku cross). The main resistances in this market area are the key levels of the daily cross (1.2613 - 1.2648), as well as the range of 1.2574–81 (monthly Fibonacci Kijun + weekly medium-term trend).

Exchange Rates 07.09.2023 analysis

H4 - H1

The main advantage on the lower timeframes currently belongs to the bears. The reference points for further decline at the moment are the support levels of classic pivot (1.2461 - 1.2420 - 1.2357). If the sentiment changes, and bullish players gain momentum, the key intraday benchmarks will be the central pivot point of the day (1.2524) and the weekly long-term trend (1.2598), with intermediate resistance at 1.2565 (R1).

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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