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24.01.202510:21 Forex Analysis & Reviews: EUR/USD and GBP/USD on January 24 - Technical Analysis of the Situation

Relevancia 03:00 2025-01-25 UTC--5

EUR/USD

Exchange Rates 24.01.2025 analysis

Higher Timeframes

Bullish traders are looking to maintain their current positions and potentially push the pair higher. Since today is Friday, the weekly close will be significant. An ideal scenario for the bulls would be a weekly candle with minimal upper shadow. The nearest upward target is the lower boundary of the daily Ichimoku cloud at 1.0520, followed by weekly resistance at 1.0575 and monthly resistance at 1.0597. On the other hand, bearish traders are focused on the influence zone of the weekly short-term trend at 1.0404. Trading below this level would lead to a test of the daily Ichimoku cross supports at 1.0385, 1.0355, 1.0346, and 1.0307. If the cross is broken, bearish plans may resume, targeting 1.0179.

Exchange Rates 24.01.2025 analysis

H4 – H1

On the lower timeframes, bullish traders still hold the primary advantage and are attempting to break through the tested H4 Ichimoku cloud breakout target at 1.0437 to continue their upward movement. Intraday bullish targets include the classic Pivot resistance levels, with R2 at 1.0474 and R3 at 1.0509, which have not yet been reached today. However, a corrective decline and a break below the key levels converging around 1.0409 to 1.0383 (daily central Pivot level plus weekly long-term trend) could disrupt the current balance of power. Such a shift would render bearish intraday targets relevant again, including support levels at the classic Pivot points (1.0379, 1.0344, 1.0314).

***

GBP/USD

Exchange Rates 24.01.2025 analysis

Higher Timeframes

On the last trading day of the week, bullish players have begun testing resistance levels clustered around 1.2411, 1.2425, 1.2456, and 1.2485. A successful breakout above these levels would enable bulls to achieve key objectives, such as overcoming the daily Ichimoku dead cross and regaining the weekly short-term trend. However, if the bulls fail to break through, the pair will likely interact with the nearest support zone at 1.2338, 1.2301, and 1.2277, which correspond to the daily Ichimoku cross levels and the upper boundary of the monthly Ichimoku cloud.

Exchange Rates 24.01.2025 analysis

H4 – H1

Bullish players continue to hold the advantage on lower timeframes. On the H4 chart, an upward target has been established for breaking the Ichimoku cloud at 1.2528 and 1.2575. Additional intraday resistance levels include the classic Pivot levels at 1.2420 and 1.2446. Key levels to watch today are at 1.2338 and 1.2290, which correspond to the daily central Pivot level and the weekly long-term trend. A break below these levels could lead to a trend reversal, altering the current balance of power. Additional targets for bearish players include the classic Pivot support levels at 1.2302, 1.2256, and 1.2220.

***

Technical Analysis Components:
  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
  • H1: Classic Pivot Points and 120-period Moving Average (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
© 2007-2025
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