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11.11.202412:41 Forex Analysis & Reviews: EUR/USD and GBP/USD: technical analysis on 11.11.2024

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EUR/USD

Exchange Rates 11.11.2024 analysis

Last week, the EUR/USD pair tested the support of the lower border of the monthly cloud at 1.0729 and the first target point of the daily breakout goal at 1.0710, closing the week near these levels. Today, the currency pair opened with a slight downward gap, signaling that bearish players are expressing their intent to go ahead with the decline. If this trend holds, the next targets are around 1.0649-54 (100% completion of the daily target + weekly Fibonacci Kijun). However, a bearish failure would lead to a recovery of bullish positions. If the price rises, the market will first encounter resistance from the daily dead cross at 1.0809 (Tenkan) – 1.0838 (Kijun).

Exchange Rates 11.11.2024 analysis

H4 – H1

On lower timeframes, bearish players are currently holding the main advantage, allowing them to implement a gradual decline. Intraday levels to reinforce bearish sentiment include supports from the classical Pivot levels at 1.0669, 1.0620, and 1.0551. Key levels today act as resistance and are positioned at 1.0738 (central Pivot of the day) and 1.0798 (weekly long-term trend), which will come into play if a corrective rise occurs. A breakout and trend reversal would shift the balance in favor of cementing bullish sentiment. The next upward targets intraday would be the resistance levels of the classical Pivot points at 1.0856 and 1.0905.

***

GBP/USD

Exchange Rates 11.11.2024 analysis

Higher timeframes

Recently, bearish players have consolidated and are aiming to break through encountered supports, led by the monthly short-term trend at 1.2866, in pursuit of their targets. They now need to neutralize the weekly golden cross, whose final level has risen to 1.2927 today, and secure support from the monthly short-term trend at 1.2866. Once these tasks are completed, new opportunities may open up for bearish players. If they fail, the GBP/USD pair will face significant clusters of current resistances from the daily and weekly Ichimoku crosses at 1.2927, 1.2940, 1.2983, 1.3021, 1.3049, and so on.

Exchange Rates 11.11.2024 analysis

H4 – H1

Consolidation on higher timeframes prevents the lower timeframes from operating steadily and in a clear direction. Instead, the GBP/USD pair is hovering around the key levels of 1.2829-42 (central daily Pivot level + weekly long-term trend), creating some uncertainty. Should one side gain momentum, intraday action will engage either the resistance levels at 1.2975, 1.3033, and 1.3080 or the support levels at 1.2870, 1.2823, and 1.2765 of the classical Pivot points.

***

This technical analysis is based on the following ideas:

Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 – classic pivot points + 120-period Moving Average (weekly long-term trendline)

Evangelos Poulakis
Analytical expert of InstaForex
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