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23.01.202409:17 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis for January 23

EUR/USD

Exchange Rates 23.01.2024 analysis

Higher Timeframes

Over the past day, there have been no significant changes in the market situation. The pair remains tied to the attraction and influence zone of 1.0876 – 1.0860 (weekly Fibonacci Kijun + monthly short-term trend). To exit the daily consolidation, bulls first need to test and overcome the nearest, strengthened resistance range of 1.0923 – 1.0932 (weekly levels + daily short-term trend). After that, the task of restoring bullish positions will involve eliminating the daily death cross (1.0958 – 1.0993 – 1.1027). In the case of a breakdown of 1.0876-60 and consolidation in the daily cloud, the pair will face a fairly wide support zone from levels of different timeframes (1.0795 – 1.0745 – 1.0713).

Exchange Rates 23.01.2024 analysis

H4 – H1

On the lower timeframes, bulls are currently occupied with passing the resistance of the weekly long-term trend (1.0883). A reliable consolidation above this level and a reversal of the moving average will allow them to act further, strengthening and developing bullish sentiments. Additional intraday targets for bulls are the resistances of the classic pivot points (1.0901 – 1.0920 – 1.0930). A breakdown and consolidation below the key levels of 1.0883-91 (central pivot point + weekly long-term trend) will bring back bearish plans to the market, and bears will restore their positions and the downward trend through the supports of the classic pivot points (1.0872 – 1.0862 – 1.0843).

***

GBP/USD

Exchange Rates 23.01.2024 analysis

Higher Timeframes

Slowly but surely, bulls continue to climb upward. As of writing, the final level of the death cross of the daily Ichimoku cloud (1.2738) is being tested. If bulls manage to continue their ascent, they will need to update the nearest highs (1.2784 – 1.2826). After which, they will encounter the lower boundary of the monthly cloud (1.2893). Failure and loss of positions by the bulls could hand the initiative to their opponent. The path for bears on this segment will run through supports of various timeframes, such as 1.2661 – 1.2603 – 1.2588 – 1.2552.

Exchange Rates 23.01.2024 analysis

H4 – H1

On the lower timeframes, bulls are busy developing the ascent. Currently, intraday targets are the resistances of the classic pivot points R2 (1.2752) and R3 (1.2773). In addition, a bullish target for breaking the Ichimoku H4 cloud is formed (1.2778 – 1.2798). The key levels of the lower timeframes today act as supports, located at 1.2707 (central pivot point) and 1.2682 (weekly long-term trend). Consolidation below these levels can change the existing balance of power in the lower timeframes, giving the advantage to bears.

***

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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