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01.10.202410:31 Forex Analysis & Reviews: EUR/USD and GBP/USD on October 1 – Technical Analysis of the Situation

Relevance up to 04:00 2024-10-02 UTC--4
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EUR/USD

Exchange Rates 01.10.2024 analysis

Higher time frames

At the end of September, the pair maintained uncertainty, consolidating within the monthly cloud, but the opening of October changed the cloud's contours. As a result, the upper boundary of the monthly cloud (1.1126) now serves as a support for the current consolidation and strengthens the daily golden cross (1.1141 – 1.1109 – 1.1084). If the bulls can hold their positions and, emerging from the standoff, continue their ascent, they will first need to update the highs of August (1.1202) and September (1.1214) and then focus on breaking the 2023 peak (1.1276). However, if the bears prove to be stronger and more persistent after breaking out of consolidation and eliminating the daily golden cross, their area of interest will shift to the daily cloud and weekly supports, the nearest of which can currently be noted at 1.1048 – 1.1033.

Exchange Rates 01.10.2024 analysis

H4 – H1

The consolidation on the higher time frames allows the key levels on the lower time frames to maintain a horizontal position. The pair trades either above or below the weekly long-term trend (1.1161), remaining within its zone of attraction and influence. As the directional movement develops within the day, classical Pivot levels of support (1.1096 – 1.1057 – 1.1001) or resistance (1.1191 – 1.1247 – 1.1286) can be benchmarks.

***

GBP/USD

Exchange Rates 01.10.2024 analysis

Higher time frames

September closed with another bullish candle, remaining in the zone of daily consolidation around the psychological level of 1.3400. The continuation and development of bullish sentiment will require further upward movement, with the next target being the following psychological level (1.3500). If the bulls yield the initiative to their opponents, then after breaking out of the consolidation, the bears will encounter support from the daily Ichimoku cross (1.3293 – 1.3217 – 1.3166). New downward prospects will only emerge in this area of the chart after eliminating the daily cross.

Exchange Rates 01.10.2024 analysis

H4 – H1

On the lower time frames, the key levels, which have united today around the 1.3380 mark (the weekly long-term trend + central Pivot point of the day), currently serve as the center of attraction and influence. It should be noted that the pair is currently trading below the trend, giving a slight advantage to the bears. Further downward development within the day will pass through the support of classic Pivot levels (1.3339 – 1.3307 – 1.3266). Consolidation above the key boundaries (1.3380) will help change the current balance of power, and for a new wave of bullish activity and achievements, the bulls will need to overcome the resistance of classic Pivot levels (1.3412 – 1.3453 – 1.3485).

***

In the technical analysis of the situation, the following tools were used:

  • Higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
  • Lower time frames: H1 – Pivot Points (classical) + Moving Average 120 (weekly long-term trend)
Evangelos Poulakis
Analytical expert of InstaForex
© 2007-2024

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