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01.12.202312:10 Forex Analysis & Reviews: EUR/USD and GBP/USD: technical analysis on December 1

EUR/USD

Exchange Rates 01.12.2023 analysis

Larger timeframe

Short sellers managed to enable an intraday drop yesterday and proceeded with the decline. As a result, EUR/USD closed November with a pretty long upper shadow. The weekly result indicates bearish optimism, suggesting a further downside. If this market sentiment maintains, the instrument will be able to test the following landmark levels: 1.0862 (weekly medium-term trend + monthly short-term trend) and 1.0828-23 (monthly Fibo Kijun + upper border of the weekly cloud + daily Fibo Kijun). The levels passed yesterday are acting today as immediate resistance levels of 1.0936 (daily short-term trend) and 1.0960 (weekly Fibo Kijun).

Exchange Rates 01.12.2023 analysis

H4 – H1

On lower time intervals, short sellers completed the weekly long-term trend yesterday. Thanks to this, the main advantage has now shifted to their side, and attention is directed to a new downward area of 1.0851 – 1.0813 – 1.0747 (support for classic Pivot levels). Key levels today are resistance levels located at 1.0917 (central Pivot levels of the day) and 1.0951 (weekly long-term trend). A breakout and consolidation above will change the current balance of trading forces in favor of the bulls. The reference levels in this case will be R2 (1.1021) and R3 (1.1059).

***

GBP/USD

Exchange Rates 01.12.2023 analysis

Larger timeframe

The hesitation of the bulls allowed the activity of the bears who yesterday carried out a decline and approached the support in the area of 1.2588 (daily short-term trend + weekly medium-term trend + monthly short-term trend). Overcoming these support levels will open up new landmark levels for short sellers. In turn, the current obstacles for the bulls are formed by resistance at 1.2738 – 1.2719 (weekly Fibo Kijun + first intraday target).

Exchange Rates 01.12.2023 analysis

H4 – H1

At lower time frames, GBP/USD is currently trading without a clear-cut trajectory as the instrument is moving above or below key levels. Today, the price is moving sideways in the area of 1.2647 (central Pivot level + weekly long-term trend). Traders will determine further sentiment and target levels, depending on the situation. In this case, intraday targets will be the classic Pivot levels: for the bulls - resistance (1.2685 - 1.2750 - 1.2792), for the bears - support (1.2578 - 1.2536 - 1.2471).

***

This technical analysis is based on the following ideas:

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

H1 – classic pivot points + 120-period Moving Average (weekly long-term trendline)

*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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