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17.10.202409:24 Forex Analysis & Reviews: EUR/USD and GBP/USD Technical Analysis for October 17

Relevance up to 03:00 2024-10-18 UTC--4
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EUR/USD

Exchange Rates 17.10.2024 analysis

Higher Time Frames

Sellers continue the downward trend. Yesterday, they moved into the area of the weekly cloud (1.0863 – 1.0811), reinforced by the final level of the weekly Ichimoku golden cross (1.0850). Testing the encountered supports will determine the outcome of this interaction, which could influence further developments. A breakout would open new prospects for a decline, such as the daily Ichimoku cloud breakout target (1.0654 – 1.0710), and establish an even deeper goal of breaking the weekly Ichimoku cloud. A rebound would return the pair to the influence and pull of supports across various timeframes at 1.0908 – 1.0919, and consolidation above these would offer new opportunities for a longer bullish move.

Exchange Rates 17.10.2024 analysis

H4 – H1

On the lower time frames, sellers still hold the main advantage as they continue to develop a downward trend. Intraday support levels are defined by the classic Pivot levels today at 1.0843 – 1.0824 – 1.0795. If a corrective rise occurs, attention will shift to key resistance levels at 1.0872 (central Pivot point of the day) and 1.0908 (weekly long-term trend), as these are the main reference points for the correction. Intermediate resistance along this path may be offered by R1 (1.0891), with additional resistances noted at R2 (1.0920) and R3 (1.0939).


GBP/USD

Exchange Rates 17.10.2024 analysis

Higher Time Frames

Yesterday, sellers returned to the daily cloud and sustained the decline, successfully closing the previous day below the weekly support level (1.2999). If this result is confirmed and the bearish sentiment persists, attention will shift to the daily cloud's lower boundary (1.2940). After that, sellers will aim for a breakout into the bearish zone relative to the cloud, forming a daily downward target to break the Ichimoku cloud.

Exchange Rates 17.10.2024 analysis

H4 – H1

The last stage of the decline ended with corrective hesitation. Sellers currently maintain the main advantage on the lower timeframes. The classic Pivot levels define intraday support levels at 1.2949 – 1.2913 – 1.2849. Conversely, developing an upward correction will focus on key levels crucial for determining the correction. A breakout and trend reversal would indicate a shift in the balance of power. Today's key levels are 1.3013 (central Pivot point of the day) and 1.3048 (weekly long-term trend). If sellers remain active, additional upward targets could be the classic Pivot resistance levels at 1.3113 – 1.3149.


Technical Analysis Tools Used:

Higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels;

Lower time frames: H1 – Pivot Points (classic) + 120-period Moving Average (weekly long-term trend).

Evangelos Poulakis
Analytical expert of InstaForex
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