EUR/USD and GBP/USD on October 17 – Technical Analysis
October 17, 2023 5:23 amVideo
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EUR/USD
Higher timeframes:
The daily target support level (1.0500) continues to exert its appeal and influence, so the sentiment changed direction once again. In general, the situation remains unchanged. The conclusions and expectations that were voiced yesterday are still relevant. For those who are bullish, it is important to eliminate the daily Ichimoku cross (1.0571 – 1.0609 – 1.0647), reinforced by the weekly short-term trend (1.0600). Bearish players aim to restore the downtrend (1.0449) and break through the monthly support level (1.0447).
4H- 1H:
On the lower timeframes, the bulls, after capturing the central level (currently at 1.0544), continue their ascent. At present, they are close to initiating interaction with the primary key levels of the lower timeframes, the weekly long-term trend (1.0570). A breakthrough and reversal of this move could shift the current balance of power in favor of the bulls. Today’s intraday targets are located at 1.0579 – 1.0597 – 1.0632 (resistances of classic Pivot levels). If the bears manage to maintain their current advantage, the most crucial goal would be to renew the low (1.0496). After that, they might find support at the classic Pivot levels S2 (1.0491) and S3 (1.0473).
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GBP/USD
Higher timeframes:
The support of the monthly medium-term trend (1.2135) has proven how effective it is, but this doesn’t change the overall situation. The other reference points have retained their value and positions. The bulls’ priority is to eliminate the daily Ichimoku dead cross (1.2283 – 1.2341). After that they can direct their focus to the resistance area at 1.2418 – 1.2472, which combines weekly levels and the monthly short-term trend. For the bears, it is important to move away from the influence of the monthly medium-term trend (1.2135), restore the downtrend (1.2036), and consolidate within the weekly cloud (1.2010).
4H- 1H:
On the lower timeframes, the market continues to work below the weekly long-term trend (1.2230). A breakthrough and a solid move above it can impact the current balance of power. In this case, the resistance of classic Pivot levels (1.2242 – 1.2272 – 1.2326) will become intraday reference points for the bulls. If the bears manage to regain control of the market, sellers will focus on the lower timeframes and breach current support levels at 1.2188 – 1.2158 – 1.2104 – 1.2074 (classic Pivot levels).
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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