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24.04.202409:37 Forex Analysis & Reviews: EUR/USD and GBP/USD: Technical analysis on April 24

EUR/USD

Exchange Rates 24.04.2024 analysis

Higher Timeframes

Yesterday, the bulls tried to break out of the consolidation area. Today, it is important to consolidate what was achieved and continue the upward movement. The nearest bullish targets are 1.0732 and 1.0756 (daily and weekly Fibonacci Kijun). Furthermore, take note that yesterday the bulls managed to close above the daily short-term trend. Therefore, the trend has transitioned into a support, currently located at 1.0666. In addition, the monthly Fibonacci Kijun (1.0611) continues to play as a significant support in this section of the chart.

Exchange Rates 24.04.2024 analysis

H4 – H1

Bulls maintain the advantage on the lower timeframes, so the upward movement continues. Intraday bullish references are represented by classic Pivot resistance levels, and today they can be found at 1.0729, 1.0757, and 1.0802. In case the bears are active, and positions are lost, the market will focus on key levels on lower timeframes, which are found at 1.0684 (central Pivot level of the day) and 1.0663 (weekly long-term trend). A breakthrough and consolidation below will change the current balance of power in favor of strengthening the bearish bias. Intraday bearish targets are found at 1.0656, 1.0611, and 1.0583 (classic Pivot levels).

***

GBP/USD

Exchange Rates 24.04.2024 analysis

Higher Timeframes

Yesterday, the bulls had the initiative to continue the upward movement. They are currently working above the daily short-term trend (1.2428), testing the resilience area of resistances (1.2464 – 1.2488) in the higher timeframe. In the event of a rebound, key levels like 1.2395 (final level of the weekly Ichimoku cross), 1.2298 (low), and 1.2265 (monthly Fib Kijun) may be important.

Exchange Rates 24.04.2024 analysis

H4 – H1

Yesterday, the bulls were able to settle above key levels. As a result, they have the main advantage. If the upward movement continues, the focus can be directed towards the resistance of classic Pivot levels at 1.2491, 1.2537, and 1.2618. Changing the situation would involve a breakthrough and reversal of the weekly long-term trend (1.2413). Support will be provided by classic Pivot levels, which are currently located at 1.2364, 1.2283, and 1.2237.

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024
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