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10.10.202408:17 Forex Analysis & Reviews: EUR/USD and GBP/USD on October 10 – Technical Analysis

Relevance up to 02:00 2024-10-11 UTC--4
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EUR/USD

Exchange Rates 10.10.2024 analysis

Higher Time Frames

Yesterday, bearish players tried to move away from the weekly attraction level (1.0980), leading them into the influence zone of another level, around 1.0935 (the lower boundary of the daily cloud). Currently, the primary task for the bears is to exit and consolidate in the bearish zone relative to the daily cloud and to test the next group of supports at 1.0907 – 1.0912, which combines several strong levels from higher time frames. If the price rebounds from 1.0935, bullish players will again face resistance at the weekly level of 1.0980.

Exchange Rates 10.10.2024 analysis

H4 – H1

In the lower time frames, bearish players maintain the upper hand. For the next stage of developing the downtrend, the bears need to break through the supports of the classic Pivot levels (1.0924 – 1.0908 – 1.0880) during the day. Failure to continue the decline could allow the bulls to seize the initiative. The bulls will first aim to regain their positions through a corrective rise. This path's most important reference points are currently at 1.0952 (central Pivot level) and 1.0984 (weekly long-term trend). A breakout and trend reversal could alter the current power balance, giving the bulls the advantage. Additional bullish targets during the day could be the classic Pivot points R2 (1.0996) and R3 (1.1012) resistance levels.

***

GBP/USD

Exchange Rates 10.10.2024 analysis

Higher Time Frames

Yesterday, the bears managed to update the nearest daily lows, but they couldn't break away from the pull of the weekly short-term trend (1.3090), as the support of the upper boundary of the daily cloud (1.3067) came into play for the bulls. If the bears break through the 1.3067 level, the path will open toward the next weekly support (1.2999) and the lower boundary of the daily cloud (1.2938). If they fail to overcome the 1.3067 support, consolidation will likely continue around the 1.3067-1.3090 range. In the best-case scenario for the bulls, they may be able to bounce off the encountered supports and begin a more active recovery, with their nearest targets being the resistance levels of the Ichimoku daily cross (1.3166 – 1.3217 – 1.3238 – 1.3268).

Exchange Rates 10.10.2024 analysis

H4 – H1

On the lower time frames, the primary advantage remains with the bears. The reference points for developing the downward movement within the day are the classic Pivot levels, which today are located at 1.3046 – 1.3025 – 1.2996. Key levels currently serve as immediate targets for the bulls. By gaining control over 1.3075 (the central Pivot point of the day) and 1.3100 (the weekly long-term trend), the bulls could gain an advantage and create conditions for developing and strengthening their sentiment. Additional bullish targets within the day can also be noted at R2 (1.3125) and R3 (1.3146).

***

Technical analysis tools used:

  • Higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels.
  • Lower time frames: H1 – Classic Pivot Points + 120-period Moving Average (weekly long-term trend).
Evangelos Poulakis
Analytical expert of InstaForex
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