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24.11.202308:30 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis for November 24

EUR/USD

Exchange Rates 24.11.2023 analysis

Higher Timeframes

Throughout the week, the final resistance of the death cross of the weekly Ichimoku cloud (1.0960) and the cluster of levels at various timeframes around 1.0862-68 have been tested. At the moment, the situation is more predisposed to uncertainty and a wait-and-see position. For bulls, the targets are still located today at 1.0960 (the final level of the weekly Ichimoku cross) and 1.1004-1.1065 (the daily target for breaking through the cloud). For bears, after breaking through the boundaries of 1.0862-68, the targets will be the daily and weekly levels at 1.0829-1.0797-1.0766, and so on.

Exchange Rates 24.11.2023 analysis

H4 – H1

On lower timeframes, the pair has been trading in the zone of attraction of key levels for a long time, which are currently converging around (1.0907-10). This arrangement creates a sense of uncertainty. Trading above these levels will give an advantage to bullish players and set tasks for testing resistances. Intraday attention, in this case, will be focused on 1.0929-1.0954-1.0976 (resistances of classic pivot points). Trading below these levels will create conditions for strengthening bearish sentiments, with the supports of classic pivot points (1.0882-1.0860-1.0835) serving as targets.

***

GBP/USD

Exchange Rates 24.11.2023 analysis

Higher Timeframes

This week, bulls updated the high of the previous week and continued the ascent. However, the effectiveness of the week is still insignificant. The situation is unlikely to change drastically as the resistance of the weekly medium-term trend (1.2588) is nearby. New prospects will open up for bullish players only after overcoming this level. Monthly levels 1.2506-1.2472 still influence the development of events. To change the current situation, it is necessary to eliminate this influence and form a consistent confirmation of intentions on all higher timeframes.

Exchange Rates 24.11.2023 analysis

H4 – H1

At the moment, the pair is in a corrective decline and is testing the support of the central pivot point of the day (1.2529). Despite this, the main advantage belongs to the bulls. With a continuation of the ascent, attention will be focused on breaking through and passing the resistances of classic pivot points (1.2572-1.2614-1.2657). The current balance of power can only be changed if bears breaks through and reverses the weekly long-term trend (1.2501). The supports, in this case, will be the classic pivot points located today at 1.2487-1.2444-1.2402.

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Evangelos Poulakis,
Analytical expert of InstaSpot
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