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09.10.202412:34 Forex Analysis & Reviews: EUR/USD and GBP/USD: technical analysis on October 9, 2024

EUR/USD

Exchange Rates 09.10.2024 analysis

Higher timeframes The market remains uncertain. The EUR/USD pair is trading without a clear-cut trend, oscillating within a narrow daily range and staying below the weekly Ichimoku level at 1.0980. All nearby levels remain the same key levels. For the bears, it is important to break through the daily Ichimoku cloud (1.0935) and push towards the cluster of levels from various timeframes around 1.0908. Meanwhile, for the bulls, the first resistance levels they will encounter are 1.1052, 1.1057, and 1.1062 (daily Fibonacci Kijun + upper boundary of the daily cloud + short-term weekly trend).

Exchange Rates 09.10.2024 analysis

H4 – H1

On the lower timeframes, the bears are currently holding the upper hand. However, the EUR/USD pair has been in a corrective sideways movement for a while now. A breakthrough and reversal of the weekly trend (1.1004) could shift the current balance of power. Should the bulls manage to continue their climb after breaking the trend, they will be looking at the resistances from the classic Pivot levels, R2 (1.1015), and R3 (1.1031). Conversely, if the current situation results in a renewed downtrend, it will be crucial for the bears to break through the supports from the classic Pivot levels (1.0959, 1.0943, and 1.0923).

***

GBP/USD

Exchange Rates 09.10.2024 analysis

Higher timeframes GBP/USD has been sticking to the same short-term weekly trend (1.3090). In recent days, the market has been trading sideways. The main reference points for any active directional movement remain in place today. The nearest bearish targets are the daily Ichimoku cloud (1.3067 – 1.2968) and the weekly Fibonacci Kijun (1.2999). The nearest bullish targets at the moment are the levels of the daily Ichimoku cross (1.3166, 1.3217, 1.3242, and 1.3268).

Exchange Rates 09.10.2024 analysis

H4 – H1

On the lower timeframes, the overall picture remains unchanged, with the bears still holding the advantage. The GBP/USD pair continues to trade within a corrective zone. Intraday, the bears are facing resistance from the classic Pivot levels (1.3071, 1.3043, and 1.3022). If the bears fail to achieve their goal, the most important factor for the bulls will be breaking through and reversing the long-term weekly trend, currently located at 1.3115. A breakthrough and reversal of this trend could shift the balance of trading forces. Additional bullish targets in this case would be the classic Pivot resistance levels (1.3141, 1.3169).

***

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)

*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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