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16.01.202414:29 Analisis Forex & Kajian: EUR/USD and GBP/USD: Technical analysis for January 16

EUR/USD

Exchange Rates 16.01.2024 analysis

Higher Timeframes

Although the previous trading day did not change the situation, today, we are observing good bearish activity and effectiveness. The bears are already testing the strength of the weekly Fibonacci Kijun (1.0883), followed by the supports of the monthly short-term trend (1.0860) and the upper boundary of the daily cloud (1.0840). Successfully passing these levels will open new perspectives and opportunities for the development of bearish sentiments. Failure may return the pair to the consolidation zone.

Exchange Rates 16.01.2024 analysis

H4 - H1

Having found themselves below the weekly long-term trend once again, the bears, this time, managed to take advantage of the main opportunity and began to decline. As of writing, bears have already passed all the existing benchmarks from the classic pivot points. Now, the task may involve updating the low (1.0877) and restoring the downward trend. Further supports can be provided by the levels of higher timeframes (1.0860 - 1.0840) and target benchmarks for breaking the H4 Ichimoku cloud (1.0782 - 1.0742). In case of a recovery of bullish positions, the resistances of key levels, which today have combined their efforts at the 1.0952 mark (central pivot point + weekly long-term trend), will be of greatest significance.

***

GBP/USD

Exchange Rates 16.01.2024 analysis

Higher Timeframes

Bears aim to take control of the situation and exit the consolidation formed recently. Strong and important supports are now in front of them, and failure to break through which will not be possible to solve the task and achieve a reliable advantage. Supports today are located at the levels of 1.2636 (weekly levels) and 1.2591 (upper boundary of the weekly cloud + monthly short-term trend). Overcoming them will allow considering new perspectives.

Exchange Rates 16.01.2024 analysis

H4 - H1

Bears are actively developing a downward trend. As of writing, they have left behind the benchmarks of the classic pivot points. As a result, attention can be focused on the supports of higher timeframes. The passed levels of lower timeframes may act as resistances during a retest. But the main level on the way to recovery of bullish positions is the weekly long-term trend (1.2730). Consolidation above and reversing the moving average can return the advantages to the bulls' side.

***

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)

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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