EUR/USD and GBP/USD: Technical analysis for October 24
October 24, 2023 8:21 amVideo
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EUR/USD
Higher Timeframes
Bullish players decided to utilize the slight advantage they had yesterday and were the first to make themselves known. To achieve their targets, they ventured beyond the weekly cloud (1.0610) and the daily cross (1.0627), rising above the levels of the upcoming resistances. Today, a test of the encountered resistance zone at 1.0697 – 1.0722 – 1.0749 – 1.0766 (levels of the weekly Ichimoku cross + the monthly medium-term trend + the lower boundary of the daily cloud) is expected. The result of this interaction may impact the current state of affairs and determine the prospects in the near future.
H4 – H1
On the lower timeframes, the advantage is in favor of the bulls, who are currently developing an upward movement. The resistance levels of the classic pivot points (1.0708 – 1.0746 – 1.0814) serve as bullish reference points for further ascent within the day. Today, the key levels form a relatively broad support zone at 1.0640 (central pivot point of the day) and 1.0581 (weekly long-term trend). A break and reliable consolidation below these key levels can change the current balance of power, after which it is advisable to reevaluate the situation.
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GBP/USD
Higher Timeframes
Bulls attempted to leave the influence zone of the monthly medium-term trend (1.2135) yesterday, focusing their attention on overcoming resistances and eliminating the daily death cross, the final level of which can be marked at 1.2275 today. After achieving this task, bulls’ interest will be directed toward the resistance of the weekly short-term trend (1.2390).
H4 – H1
As a result of a prolonged struggle, bulls were finally able to break the resistance of the key level on the lower timeframes—the weekly long-term trend, which shifted the main advantage to the bulls. Today, the development of the upward movement continues, with yesterday’s daily high already updated. The resistance levels of the classic pivot points (1.2287 – 1.2329 – 1.2402) serve as reference points for further ascent within the day.
Today, the key levels act as supports, currently situated at 1.2214 (central pivot point) and 1.2164 (weekly long-term trend). A firm consolidation below these levels can once again change the current balance of power, returning the main advantage to the opponent. Additional reference points to reinforce bearish sentiments can currently be marked at 1.2099 – 1.2057 (support of the classic pivot points).
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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
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