Technical recommendations for EUR/USD and GBP/USD on 12/30/20


The euro/dollar pair seeks to mark a new annual high on the chart before December closes. The bullish optimism of this month's candle will strengthen growth expectations towards the next upside targets. They are currently located at the historical level of 1.2555 and the monthly target for the breakdown of the Chinkou price chart (1.2703 - 1.2897). On the other hand, the loss of nearest important supports, which remain at 1.2212 (daily short-term trend) and 1.2170, will affect the current distribution of forces.

The bulls successfully maintain and develop their advantages, continuing the upward trend. Among the intraday pivot points, the resistance of the classic pivot levels of 1.2310 (R2) and 1.2346 (R3) can be noted. If a downward correction develops, we can adhere to the key supports, which are now at 1.2243 (central pivot level) and 1.2214 (weekly long-term trend). These levels were strengthened by the daily Tenkan (1.2212), so their loss will affect the balance of power not only in the smaller time frames, but also deprive the bulls in the daily short-term trend.

The situation of the pound remains unchanged. The pound/dollar pair is moving to the attraction zone of historical levels 1.3481 - 1.3538. In turn, the role of supports is reserved for the levels of the Ichimoku daily cross (1.3437 - 1.3405 - 1.3379 - 1.3321), which is strengthened by the lower limit of the monthly cloud (1.3350). Here, new plans of the bulls and the recovery of the upward trend, continue to rest against the maximum extreme of 1.3624.

The bulls i n the smaller time frames still maintained their initial advantage, moving above the key supports that are now joining forces at 1.3484-88 (center pivot level + weekly long-term trend). The most significant pivot points for bullish traders remains the highest extremum (1.3624). Now, the resistances of the classic pivot levels can be noted at 1.3566 and 1.3610.

On the contrary, if the support levels of 1.3484-88 will be broken, it will change the current balance of power, shifting priorities to the bearish side. At the same time, the support of the classic pivot levels, which are located at 1.3454 - 1.3410 - 1.3376 today, will become relevant.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

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