empty
17.10.2024 09:24 AM
EUR/USD and GBP/USD Technical Analysis for October 17

EUR/USD

This image is no longer relevant

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.

This image is no longer relevant

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

This image is no longer relevant

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.

This image is no longer relevant

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
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 16/04/2025: EUR/USD, GBP/USD, USD/CAD, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:55 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday April 16, 2025.

On the 4-hour chart, the USD/CAD commodity currency pair can be seen moving below the EMA (100) and the appearance of a Bearish 123 pattern and the position

Arief Makmur 07:37 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday April 16, 2025.

With the Stochastic Oscillator condition heading towards the Oversold level (20) on the 4-hour chart of the AUD/JPY cross currency pair, in the near future AUD/JPY has the potential

Arief Makmur 07:35 2025-04-16 UTC+2

EUR/USD Forecast for April 16, 2025

Yesterday, the euro zone's ZEW economic sentiment indicators for April were disappointing. The index plunged from 39.8 in March to -18.5, far below the forecast of 13.2. We believe

Laurie Bailey 05:12 2025-04-16 UTC+2

GBP/USD Forecast for April 16, 2025

The British pound continues to rise according to our previously outlined scenario (see reference), heading toward the magnetic point at 1.3311, which is the intersection with the upper boundary

Laurie Bailey 05:12 2025-04-16 UTC+2

USD/JPY Forecast for April 16, 2025

On the daily chart, the price has formed a small triangle around the 143.45 level and consolidated below it. Since the nearest target at 141.70 is close, the price

Laurie Bailey 05:12 2025-04-16 UTC+2

Trading Signals for GOLD (XAU/USD) for April 15-18, 2025: sell below $3,220 (+1/8 Murray - 21 SMA)

Early in the American session, gold is trading around 3,220, showing signs of exhaustion. A further technical correction toward the 21SMA is likely in the coming hours

Dimitrios Zappas 14:05 2025-04-15 UTC+2

Forecast for GBP/USD on April 15, 2025

On the hourly chart, the GBP/USD pair continued rising on Monday and secured a position above the 1.3139 level. Thus, the upward movement may continue toward the next Fibonacci corrective

Samir Klishi 11:59 2025-04-15 UTC+2

Forecast for EUR/USD on April 15, 2025

On Monday, the EUR/USD pair continued to rise but returned by the end of the day to the 261.8% Fibonacci retracement level at 1.1318. A double rebound from this level

Samir Klishi 11:55 2025-04-15 UTC+2

Forex forecast 15/04/2025: EUR/USD, GBP/USD, USD/JPY, USD/CAD and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:44 2025-04-15 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.