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14.05.2021 01:23 PM
Technical analysis and recommendations for EUR/USD and GBP/USD on May 14, 2021

EUR/USD

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A corrective decline while encountering the daily support levels (1.2082-62) indicated a slowdown. As a result, the bulls are currently busy recovering. The nearest important borders that can provide resistance and attraction are set at 1.2105 (weekly Fibo Kijun) - 1.2150 (historical level) - 1.2182 (maximum extreme). A sharp consolidation above which will open up new opportunities to recover the upward trend, possibly through updating and breaking through important levels such as the highs of 1.2243 and 1.2349.

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Bullish traders in the smaller time frames who lost the support of the weekly long-term trend the day before, returned to this level and are testing it for strength. If they gain a foothold higher, they will regain the advantage on the hourly chart and will be able to make plans for the subsequent restoration of their positions. The formation of a rebound, a reversal of movings and a subsequent update of the low (1.2051) will allow us to hope for a more significant and long-term strengthening of bearish sentiments. Today, we can note the intraday support levels at 1.2052 - 1.2024 - 1.1997.

GBP/USD

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The support level of 1.4008 led to a deceleration of the planned decline. Today, the current week will be closing, so the result is important. If the bulls successfully restore their positions and maintain their advantages, then they will most likely continue to break through the resistance of the daily target (1.4137) and further rise to the maximum extremum (1.4240), which separates them from the recovery of the weekly and monthly upward trend. I

In turn, if the decline process is stopped only by slowdown and minor consolidation without effective recovery of positions, then we can hope that after a pause, the bears will make a new attempt to break through the area of 1.4008 (historical level + daily short-term trend) and implement a further decline.

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The bears continue to have the main advantage in the smaller time frames. The pair is testing the strength of the resistance of the key levels, which unite in the zone of 1.4077-43 (central pivot level + weekly long-term trend) today. A sharp consolidation above can contribute to the further restoration of bullish positions, which can lead to the implementation of a bullish scenario. We can note the other intraday resistance levels at 1.4115 (R2) and 1.4154 (R3), while the supports of the classic pivot levels, which are today's downside targets on the H1 time frame, are seen at 1.4010 - 1.3971 - 1.3938.

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
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