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15.10.202410:24 Forex Analysis & Reviews: EUR/USD and GBP/USD: technical analysis on 15.10.2024

EUR/USD

Exchange Rates 15.10.2024 analysis

Higher timeframes

The bears are currently operating below the monthly and weekly supports at 1.0908 – 1.0919, striving to continue and develop the further downtrend. Let's see if they can accomplish this in the near future. The strength of the encountered levels is significant, so it won't be easy to break away from their gravity and influence. In this section of the chart, there are fairly high chances for consolidation, but if the bears manage to continue the daily downtrend, their next targets will be the weekly cloud supports (1.0863 – 1.0811) and the final level of the weekly Ichimoku golden cross (1.0850).

Exchange Rates 15.10.2024 analysis

H4 – H1

On the lower timeframes, the bears maintain the primary advantage and continue to develop the downtrend. Currently, the first support of the classic Pivot levels (1.0886) is being tested for strength, and the next targets for the decline are S2 (1.0863) and S3 (1.0838). Today, the key levels are acting as corrective resistances, located at 1.0911 (the central Pivot level of the day) and 1.0940 (the weekly long-term trend). Consolidating above these levels and reversing the trend could shift the balance of power, further reinforcing bullish sentiment. The upward targets after a trend breakout will be the resistances of the classic Pivot levels R2 (1.0959) and R3 (1.0982).

***

GBP/USD

Exchange Rates 15.10.2024 analysis

Higher timeframes The daily corridor is currently very narrow, with the instrument almost stagnant, remaining close to the upper border of the daily cloud (1.3064). If the bulls manage to break through and emerge from the current situation today, they will face the resistance of the daily Ichimoku cross (the nearest levels are 1.3144 – 1.3166), reinforced by the weekly short-term trend (1.3185). However, if the bears emerge victorious from the ongoing pause, they will focus on reaching the lower border of the daily cloud (1.2940), with the intention of breaking through the weekly support (1.2999) along the way.

Exchange Rates 15.10.2024 analysis

H4 – H1

On the lower timeframes, the weekly long-term trend (1.3068) continues to defend the interests of the bears, holding back the advance of the bulls and keeping the market in the bearish zone. The downward targets within the day are the supports of the classic Pivot levels, which today can be noted at 1.3033 – 1.3010 – 1.2992. After breaking the trend, the market's attention on the lower timeframes will shift towards overcoming the resistances of the classic Pivot levels (1.3074 – 1.3092 – 1.3115).

***

This technical analysis is based on the following ideas:

Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – classic pivot points + 120-period Moving Average (weekly long-term trendline)

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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