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15.01.202415:25 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis for January 15

EUR/USD

Exchange Rates 15.01.2024 analysis

Higher Timeframes

The situation has not changed. The market continues to consolidate. The center of attraction remains the daily and weekly levels, the most significant of which are now combining their efforts in the area of 1.0927 – 1.0939. For the market to achieve a change in the current conditions, it needs to move beyond the support levels of 1.0883 (weekly and daily Fibonacci Kijun) – 1.0860 (monthly short-term trend), or complete the corrective decline and restore the upward trend (1.1140).

Exchange Rates 15.01.2024 analysis

H4 – H1

The uncertainty of the higher timeframes is expressed in the sideways movement on the lower timeframes. The key levels today have practically merged into one at 1.0958-57 (central pivot point + weekly long-term trend) and have taken a horizontal position. A change in sentiments will allow other benchmarks to come into play. For instance, bulls will be interested in the resistances of the classic pivot points (1.0980 – 1.1009 – 1.1031), while bears will pay attention to the supports of the classic pivot points (1.0929 – 1.0907 – 1.0878).

***

GBP/USD

Exchange Rates 15.01.2024 analysis

Higher Timeframes

The market consolidated throughout last week. The situation did not develop. The main benchmarks at this moment maintain their position and significance. Bulls still need to update the high of the current correction (1.2826) and head towards the lower boundary of the monthly cloud (1.2893). Bears, in turn, need to pass the supports of the daily Ichimoku cross (1.2697 – 1.2662 – 1.2624) and overcome two fortified lines from weekly and monthly levels (1.2636 – 1.2599).

Exchange Rates 15.01.2024 analysis

H4 – H1

On the lower timeframes, the pair remains tied to the weekly long-term trend for a long time, which today combines its efforts with the central pivot point of the day in a fairly narrow range of 1.2738-50. Trading above or below the weekly trend determines the main advantage. So, if the market stays below the key levels, a decline is likely to develop, strengthening bearish sentiments. The benchmarks for this within the day will be the supports of the classic pivot points, which today are at 1.2715 – 1.2684 – 1.2649. However, if the initiative belongs to bulls and they develop a rise, then the resistances of the classic pivot points (1.2781 – 1.2816 – 1.2847) can become significant.

***

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)

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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