empty
11.11.2024 12:41 PM
EUR/USD and GBP/USD: technical analysis on 11.11.2024

EUR/USD

This image is no longer relevant

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).

This image is no longer relevant

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

This image is no longer relevant

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.

This image is no longer relevant

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
© 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 25/04/2025: EUR/USD, GBP/USD, USD/JPY 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 12:25 2025-04-25 UTC+2

Trading Signals for EUR/USD for April 24-26, 2025: sell below 1.1435 (21 SMA - 7/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1358 within the downtrend channel formed on April 18. The pair is under bearish pressure. We believe the instrument

Dimitrios Zappas 17:06 2025-04-24 UTC+2

Forex forecast 24/04/2025: EUR/USD, GBP/USD, SP500, Gold 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 13:25 2025-04-24 UTC+2

GOLD. Gold Prices May Significantly Decline in the Near Future

Gold prices have recently seen a notable correction amid market expectations of the start of real negotiations between the U.S. and China on tariffs and overall trade. Treasury Secretary

Pati Gani 09:38 2025-04-24 UTC+2

Technical Analysis of Price Movement of Silver Commodity Instrument, Thursday April 24, 2025.

On the 4-hour chart, the Silver commodity instrument is visible even though its condition is strengthening where this is confirmed by the movement of the Silver price which is moving

Arief Makmur 06:18 2025-04-24 UTC+2

Technical Analysis of Price Movement of Nasdaq 100 Index, Thursday April 24, 2025.

Although on the 4-hour chart the Nasdaq 100 index is Sideways, the range is quite large so that there is still a fairly promising opportunity in the index. Currently

Arief Makmur 06:18 2025-04-24 UTC+2

Trading Signals for GOLD (XAU/USD) for April 23-25, 2025: sell below $3,333 (200 EMA - 6/8 Murray)

Our trading plan for the next few hours is to sell gold below $3,333, with targets at $3,313 and $3,291. We can buy above $3,280 with short-term targets at $3,437

Dimitrios Zappas 14:31 2025-04-23 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday, April 23, 2025.

With the appearance of Divergence between the price movement of the AUD/JPY cross currency pair with the Stochastic Oscillator indicator and the price movement of AUD/JPY which is above

Arief Makmur 06:37 2025-04-23 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Wednesday, April 23, 2025.

If we look at the 4-hour chart, the Gold commodity instrument appears to still be moving in a Bullish bias, but with the appearance of Divergence between the Gold price

Arief Makmur 06:37 2025-04-23 UTC+2

Forex forecast 22/04/2025: EUR/USD, GBP/USD, USD/JPY 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 10:08 2025-04-22 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.