Forex Analysis: Now during the US Session, we can see the market intraday top & bottoms are already formed. In this analysis, we will use “Gann Intraday Pivot Indicator” for all chart analysis. You can view our indicator manual for more details on how it works. GBPUSD & EURUSD market intraday price structure explained below:
GBPUSD Intraday Top:
As we can see in the picture, the indicator showing day trend strength stronger. GBPUSD already moved 68 pips. GBPUSD was totally bullish since the day it was up above the opening price & keep moving higher. Currently, its created a top around the Minor R2 resistance level. Also, we have marked GBPUSD reacted on Major R1 Resistance level.
There is a possibility that GBPUSD could create a lower high or failure swing highs & fall down. Our Trend dashboard also indicating that price & time trend zone is in the weakest position.
EURUSD Price Structure:
EURUSD Day Trend Strength showing the indicator dashboard is weak although EURUSD moved 100 pips since the opening & stays up above the day open price. We have drawing Andrew pitchfork on the chart, that creates a clear view of the uptrend. Day top was around the Minor R2 resistance level.
If EURUSD stays above the major R1 resistance level at 1.2240 zones. Then it will continue its bullish trend. Price Trend in the indicator dashboard showing strong. Thus we need to wait to see how other factor supports the uptrend continuation. Otherwise, we will be looking forward to selling below 1.2220 zones.