At the moment, there is little braking. The bulls, having updated last week’s high, took a break. At the same time, the levels 1.2064 (weekly level) – 1.2060 (the upper border of the daily cloud) still retain the role of supports. Consolidation, preservation of the reached heights and the continuation of the rise will allow considering new upward targets, the closest in this case will be the maximum extreme of February 1.2243, intermediate resistance may be provided by the historical level of 1.2150. The breakdown of the supports and a reliable consolidation below will allow us to consider the downside targets, for example, the daily short-term trend of 1.2030 and the accumulation of levels at 1.1976.
Downward correction is developing in the lower time intervals. The bearish traders captured the central pivot level (1.2087), now their main reference point is support for the weekly long-term trend (1.2052). The key levels of the lower halves (1.2087 – 1.2052) are strengthened today by the significant levels of the higher halves, located in the area of 1.2060, so a breakdown and consolidation below can change not only the balance of forces of H1, but also have consequences on other time intervals. Support for the classic Pivot levels today can also be noted at 1.2031 and 1.2002, resistances are at 1.2114 – 1.2143 – 1.2170.
On the first day of the new week, the bearish players failed to confirm and continue the emerging sentiments. The deceleration caused by the meeting of supports (the lower limit of 1.3839 daily medium-term trend) persists. A breakdown of this zone will open up opportunities for the continuation of the decline. The next supports in the current situation can be noted at 1.3798 and 1.3710-1.3669. If the deceleration is prolonged, then the upward traders can gather strength for a new test of the important levels of 1.3955 (weekly short-term trend + upper border of the daily cloud) – 1.4002 (upper border of the monthly cloud).
The bulls have been busy fighting for the main line of H1 for a long time, which today is at 1.3901 (weekly long-term trend) and is joining forces with the central Pivot level (1.3896). Breakdown and reversal of the moving average will strengthen bullish sentiment and opportunities. Upward targets within the day are located today at 1.3927 – 1.3961 – 1.3992 (classic Pivot levels). While maintaining the bearish advantage at this stage, it is important to overcome the support of the higher halves (1.3839) and, having renewed the minimum (1.3823), continue the decline. The supports of the classic Pivot levels are located today at 1.3862 – 1.3831 – 1.3797.
In the technical analysis of the situation, the following are used:
higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Н1 – Pivot Points (classic) + Moving Avarage 120 (weekly long-term trend)