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24.10.202409:24 Forex Analysis & Reviews: EUR/USD and GBP/USD on October 24 – Technical Analysis Overview

EUR/USD

Exchange Rates 24.10.2024 analysis

Higher Time Frames

Bearish players continue to operate below the weekly Ichimoku cloud (1.0811), extending the downtrend. The following bearish targets in this chart section are the daily cloud breakout target (1.0710 – 1.0654) and the monthly support level (1.0611). Bullish players need to rise and consolidate above the weekly cloud (1.0811 – 1.0864) to gain new opportunities and prospects in the current situation, with support from the daily short-term trend (1.0850).

Exchange Rates 24.10.2024 analysis

H4 – H1

The bears continue to have the main advantage in the lower time frames. After another downward phase, the pair is working within a corrective zone. The most critical level for the corrective movement is the weekly long-term trend (1.0824). Those who control the trend and its slope maintain the main advantage. The classic Pivot levels provide additional intraday targets for directional movement. Bearish players are focusing on supports, which today can be noted at 1.0760 – 1.0739 – 1.0715, while the areas of interest for bullish players include resistance levels of the classic Pivot points, currently at 1.0805 – 1.0829 – 1.0850.


GBP/USD

Exchange Rates 24.10.2024 analysis

Higher Time Frames

Yesterday, bearish players left the daily Ichimoku cloud (1.2965) and secured a position below the weekly medium-term trend (1.2939). These levels and the daily short-term trend (1.3003) are currently the nearest targets for bullish players, should they decide to regain their positions and take the initiative. Meanwhile, for the development of the decline and the strengthening of bearish sentiment, the first area of support is at 1.2797 – 1.2864, encompassing the monthly cloud, monthly short-term trend, and the final level of the weekly golden cross of the Ichimoku.

Exchange Rates 24.10.2024 analysis

H4 – H1

At the end of yesterday, another phase of decline occurred, and now we see a slow movement within the corrective zone. The main advantage in the lower time frames remains with the bearish players. The main corrective boundaries are the key levels of the lower time frames; now, they can be noted at 1.2939 (central Pivot level of the day) and 1.2993 (weekly long-term trend). A breakout and reversal of the trend could serve as a basis for a shift in the current balance of power. For intraday bullish players, resistance levels from the classic Pivot points can be used as targets today at 1.2972 – 1.3026 – 1.3059. If the current correction ends and the bears resume their downward trend, their attention will focus on breaking through the support levels of the classic Pivot points (1.2885 – 1.2852 – 1.2798).


Technical Analysis Tools Used:

Higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels;

Lower time frames: H1 – Pivot Points (classic) + 120-period Moving Average (weekly long-term trend).

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Evangelos Poulakis,
Analytical expert of InstaSpot
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