EUR/USD and GBP/USD: Technical analysis for October 11
October 11, 2023 10:25 amVideo
Latest News
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
EUR/USD
Higher Timeframes
Bulls seek to break through the encountered resistances at 1.0594 – 1.0609 (the upper boundary of the weekly cloud + daily medium-term trend). A breakout will enable the development of a corrective rise, and the next nearest target for the bullish players will be to eliminate the death cross of the daily Ichimoku cloud (1.0647). However, if they fail to overcome the encountered resistances, the reaction may result in the formation of a rebound. The reference points that serve as supports in this area today maintain their position and significance at 1.0534 – 1.0500 – 1.0447 (daily short-term trend + daily target + monthly Fibonacci Kijun).
H4 – H1
On the lower timeframes, the main advantage still belongs to the bulls. The reference points for the development of intraday rise now include the resistances of classic pivot points (1.0632 – 1.0658 – 1.0697) and the target for breaking the H4 cloud (1.0653 – 1.0675). Breaking through key levels, which are currently at the thresholds of 1.0593 (central pivot point) – 1.0552 (weekly long-term trend), and firm consolidation below, will contribute to a change in the current balance of power. The emergence of bearish sentiment in the market will bring attention back to the supports of classic pivot points (1.0528 – 1.0502) and set the task of updating the low (1.0449).
***
GBP/USD
Higher Timeframes
Bulls are developing a corrective rise. Today, they are close to testing the daily medium-term trend (1.2311). The next reference points on the bullish path are 1.2376 (final level of the death cross on the daily Ichimoku cloud) and 1.2418 (weekly short-term trend). A rebound from the encountered resistances will shift the market’s attention to the supports, which were recently the basis for the emergence and development of the corrective rise. Today, these supports are located at 1.2135-69 (daily short-term trend + monthly medium-term trend).
H4 – H1
Bulls, having the main advantage on the lower timeframes, continue to develop the rise. The bullish reference points can now be marked at 1.2311 – 1.2340 – 1.2390 (classic pivot points) and 1.2328 – 1.2360 (target for breaking the H4 cloud). Testing and breaking through the key levels, which today act as supports, located at 1.2261 (central pivot point of the day) – 1.2202 (weekly long-term trend), may contribute to a change in the current balance of power in favor of strengthening bearish sentiment. Furthermore, intraday supports today can also be found at S2 (1.2182) and S3 (1.2153).
***
The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: