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30.10.201908:26 Forex Analysis & Reviews: Technical analysis recommendations for the EUR/USD and GBP/USD on October 30

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Fundamental component (Universal release time of the news)

Today, the statistics from the Eurozone is quite mediocre. You can only pay attention to the publication of data on the change in the number of unemployed in Germany (8:55 UTC+00). Furthermore, indicators from the USA may have their value. At 12:30 UTC+00, GDP data are expected, at 14:30 UTC+00 on crude oil reserves, and at 18:00 UTC+00, the Fed will make a decision on the interest rate.

EUR / USD

Exchange Rates 30.10.2019 analysis

In the last days of the month, the upward players are trying to hold positions and remain optimistic for the monthly result. The role of support and attraction in the current conditions is played by the weekly Fibo Kijun (1.1083) and the daily cloud, while the support for the daily short-term trend, which has moved into the resistance category and is now located at 1.1126. In addition, the previous resistances 1.1146 - 1.1185 - 1.1206 continue to remain in place. The inability of the players to increase their departure from the zone of attraction indicates their weakness at the moment, so that the opponent, when consolidating under the support (1.1083), can begin to actively strengthen its mood. In this case, reference points will be the final levels of the daily cross (1.1030 - 1.0994), weekly Tenkan (1.1030) and the lower border of the daily cloud.

Exchange Rates 30.10.2019 analysis

In the lower halves, key levels (central pivot-level of the day 1.1101 + weekly long-term trend 1.1106) form a fairly narrow support zone, located almost horizontally for a long time. All of these indicates a lack of directional movement and uncertainty. The location of the pair above the key support (1.1101-06), as of the moment, gives the current advantage to the players to increase. In turn, reference points within the day can be designated the resistance of the classic pivot levels - 1.1130 (R1) - 1.1147 (R2) - 1.1176 (R3). Consolidation under 1.1101-06 will give the current advantage to the players for a decline, while the classic pivot levels will also act as bearish signs - support 1.1084 (S1) - 1.1055 (S2) - 1.1038 (S3).

GBP / USD

Exchange Rates 30.10.2019 analysis

The daily short-term trend served as a reason for braking, but so far, it (1.2900) has combined its efforts with the monthly Fibo Kijun (1.2882) and forms the nearest resistance zone. If the players on the rise will not be able to gain a foothold above in the near future, then they are unlikely to be able to avoid the continuation of the decline. The following benchmarks for the decline today remain in the area of 1.2669 - 1.2712 (weekly Fibo Kijun + monthly Tenkan + daily Fibo Kijun).

Exchange Rates 30.10.2019 analysis

The recent uncertainties have led to the merger of key levels of the lower halves - 1.2857 (central pivot level) and 1.2858 (weekly long-term trend). To change the current situation, reliable consolidating outside the extremes of the current corrective movement is necessary - above a maximum of 1.3201 and a minimum of 1.2788. At the same time, intermediate resistance within the day can serve as 1.2908 (R1) - 1.2955 (R2) - 1.3006 (R3) today, while support for the classic pivot levels are located at 1.2810 (S1) - 1.2759 (S2) - 1.2712 (S3).

Divergences EUR / USD and GBP / USD (daily timeframe)

There are no new divergences.

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

Evangelos Poulakis
Analytical expert of InstaForex
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