EUR/USD and GBP/USD: Technical analysis for October 5
October 5, 2023 2:25 pmVideo
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EUR/USD
Higher Timeframes
The bullish players have initiated another upward correction. The nearest resistance zone is currently located in the range of 1.0542 to 1.0578, and beyond that, the resistance of the death cross of the daily Ichimoku cloud (1.0637 – 1.0695 – 1.0752) will come into play, reinforced by the monthly medium-term trend (1.0722). The most important support in this area remains at 1.0447 (the final level of the monthly Ichimoku cloud). A break below this level will open up new bearish prospects.
H4 – H1
On the lower timeframes, the pair is currently trading within the key levels of 1.0523 to 1.0496 (central pivot point + weekly long-term trend). If bullish players take charge, this will lead to testing the resistance of the classic pivot points (1.0541 – 1.0577 – 1.0622). If bearish players take the initiative, their attention will focus on the support of the classic pivot points (1.0460 – 1.0415 – 1.0379).
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GBP/USD
Higher Timeframes
Yesterday, bullish players brought the pair back to important attraction and resistance levels at 1.2135 – 1.2153 (monthly medium-term trend + daily short-term trend). Holding these levels will allow for further event planning. If 1.2135–53 remains with the bears, they will face the upper boundary of the weekly cloud (1.1940). If the bullish players triumph and manage to establish themselves above 1.2135–53, they will encounter resistance from the death cross of the daily Ichimoku cloud at 1.2302 – 1.2385.
H4 – H1
On the lower timeframes, the market is within the attraction zone of the weekly long-term trend (1.2144), which supports a greater degree of market uncertainty. If bullish players break out of the consolidation on the lower timeframes and continue the corrective rise on the daily chart, they will face resistance from classic pivot points (1.2193 – 1.2254 – 1.2333). If a decline and strengthening of bearish sentiment begin, they will encounter the support of the classic pivot points (1.2053 – 1.1974 – 1.1913).
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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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