Technical recommendations for EUR/USD and GBP/USD on October 15

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Technical recommendations for EUR/USD and GBP/USD on October 15

Technical recommendations for EUR/USD and GBP/USD on October 15

EUR / USD

Technical recommendations for EUR/USD and GBP/USD on October 15

Yesterday was not particularly effective. The pair remained in the attraction zone of the daily cross 1.1764 – 1.1729, which favors the bulls more. Now, their task is to weaken bearish intentions and keep working in the daily and monthly Ichimoku clouds (1.1688 lower limit of the monthly cloud). The level of 1.1811 (weekly Tenkan + daily Fibo Kijun) is still the most important resistance in the current conditions.

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The euro/dollar pair in the smaller time frame is now in the upward correction zone. The bulls, in turn, use the support level of 1.1745 and take advantage of technical indicators. If the resistance of the weekly long-term trend (1.1777) is taken, it will help influence the situation and the distribution of forces more globally. On the other hand, if yesterday’s low (1.1720) is updated, the bears will restore the downward trend on the hourly TF and further decline. Here, the support for classic pivot levels (1.1720 – 1.1694 – 1.1669) will act as downward targets within the day.

GBP / USD

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A kind of “swing” was observed yesterday. Despite the new low, the bulls managed to almost completely level out bears’ achievements. As a result, the pound/dollar pair retained its key support and continues to work in the daily bullish cloud. Now, breaking through the resistance levels, which the future fate and plans of the bulls depend on, are still located at the limits of 1.3076 (weekly Tenkan) – 1.32 (historical level) – 1.3349 (lower limit of the monthly cloud). The zones of the most significant and defining supports have also not changed their location and values – 1.2943-1.2878 (daily cloud + daily cross + weekly Fibo Kijun) and 1.2777-1.2711 (weekly Kijun + monthly Fibo Kijun).

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At the moment, the bulls have the advantage on the hourly TF. Nevertheless, the current decline has led the pair again to test the key supports of 1.2977-91 (central pivot level + weekly long-term trend) in the smaller time frames. Working above the supports keeps the advantage on the bulls’ side and a consolidation below which will swing the balance in favor of the bears. Today, the classic pivot levels are located at 1.3093 – 1.3178 – 1.3294 (resistance) and 1.2892 – 1.2776 – 1.2691 (support).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/261666/