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21.11.202211:16 Forex Analysis & Reviews: Technical analysis of EUR/USD and GBP/USD on November 21, 2022

EUR/USD

Exchange Rates 21.11.2022 analysis

Senior timeframes

Both currency pairs came to a standstill last week. A further decline in EUR/USD and GBP/USD will make prices bounce from support and resistance. The current zone includes the intraday target aimed at a breakout of a cloud embracing 1.0285 – 1.0369 and the ultimate levels of the weekly Ishimoku cross at 1.0309 as well as a one-month short-term trendline along 1.0386. The nearest support levels today could be defined at 1.0209 – 1.0162 – 1.0093 which correspond to the daily cross + weekly medium-term trendline.

Exchange Rates 21.11.2022 analysis

H4 – H1

On junior timeframes, the currency pair settled below the key levels in the corridor between 1.0357 and 1.0345 which represent the central pivot level + weekly long-term trendline. Trading below these levels ensures the bears' advantage. At the moment, the support at 1.0263 is being tested. The ultimate level of a classic pivot point at 1.0212 could act as the next intraday target. If the price settles above 1.0345-57, this will influence the balance of trading forces. The market might regain the bullish sentiment. The next upward intraday targets could be the following classic pivot levels: 1.0376 – 1.0427 – 1.0458.

***

GBP/USD

Exchange Rates 21.11.2022 analysis

Senior timeframes

Last week, GBP/USD stayed between the gravity zone and the resistance area of 1.1781 – 1.1842 – 1.1895 represented by weekly and monthly levels. As a result, the current situation and the outlook have not been crucially revised. The main task for the bulls in this section remains the same: testing the area of 1.2099 – 1.2292 – 1.2302 which represents the intraday target of the cloud's breakout + monthly medium-term trendline. In turn, a further down move will lead the instrument to support of the daily Ishimoku cross of 1.1681 – 1.1544. These levels will accelerate the move from the weekly medium-term trendline.

Exchange Rates 21.11.2022 analysis

H4 – H1

On Junior timeframes, at the moment GBP/USD is trying to settle below the key levels of 1.1897-55 which corresponds to the central pivot and weekly long-term trendline. If the bulls win back 1.1855-97, they will be able to reinforce their strength and settle the price above the classic pivot levels of 1.1939 – 1.1991 – 1.2033.

***

This technical analysis is based on the following ideas:

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

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

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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