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29.10.202010:56 Forex Analysis & Reviews: EUR/USD and GBP/USD Technical Analysis Recommendations 10/29/20

Essas informações são fornecidas a clientes profissionais e de varejo como parte da comunicação de marketing. Elas não contêm e não devem ser interpretadas como consultoria, recomendação de investimento ou uma oferta ou solicitação para se envolver em qualquer transação ou estratégia em instrumentos financeiros. O desempenho passado não é uma garantia ou previsão de desempenho futuro. A Instant Trading EU Ltd. não se responsabiliza pela exatidão ou integridade das informações fornecidas, ou por qualquer perda decorrente de qualquer investimento com base em análises, previsões ou outras informações fornecidas por um funcionário da Empresa, ou de outra forma. O termo de responsabilidade completo está disponível aqui.

EUR/USD

Exchange Rates 29.10.2020 analysis

Over the past day, players on the downside realized a fairly deep decline, descending to the support of the daily Fibo Kijun at 1.1715 but by the end of the day they returned to the zone of influence and attraction of the daily medium-term trend at 1.1746. The levels passed the day are now joining forces, forming an important resistance zone of 1.1792 -1.1811 (weekly Tenkan + daily Tenkan + upper limit of the daily cloud). Fixing above these resistances can once again level the achievements of the bears and create prerequisites for the resumption of the rise. Working below resistances keeps the trend towards strengthening bearish sentiment. The nearest significant supports are 1.1715 and 1.1688 (the lower limit of the monthly cloud).

Exchange Rates 29.10.2020 analysis

On the downtrend of the lower halves, there is another pause and correction which has already enlisted the support of the analyzed technical indicators and is fighting for possession of the Central Pivot level of the day at 1.1751. The next important benchmark for the rise is the weekly long-term trend at 1.1806, the intermediate resistance today can be noted at 1.1783 (R1). If the downside players manage to complete the development of the correction and overcome the support of the higher halves at 1.1746, the downward trend will continue then the support of the classic Pivot levels which can be used for intraday trading is currently located at 1,1713 – 1,1681 – 1,1643 and have a gain from the levels of the higher halves.

GBP/USD

Exchange Rates 29.10.2020 analysis

The pound also showed a positive movement yesterday. The downside players tested the important support levels around 1.2943-25 (daily Kijun + weekly Fibo Kijun), but they could not get rid of the attraction of the daily cloud at 1.2980 (daily cloud + daily Fibo Kijun) and returned to it at the close of the day. As expected, the accumulation of such strong levels has an impact and hinders the development of the situation. A confirmed exit beyond 1.3076 (weekly Tenkan) or 1.2943 (weekly Fibo Kijun) may reduce the attraction and create opportunities for the development of directional movement.

Exchange Rates 29.10.2020 analysis

The lower half acts upward with correction which led to key levels 1,2987 (Central Pivot-the level of day) and 1,3035 (weekly long-term trend) on the H1. A break above will affect the current balance of power and provide new opportunities for testing important resistance senior halves 1,3076, while resistance classical Pivot levels of today can mark at 1,3057 – 1,3134 – 1,3204. Recovery of the downtrend is possible only after passing 1.2943-25 (support for the higher halves), as already noted, this can be a significant result that opens up new opportunities. The next supports for the classic Pivot levels are located at 1.2840 and 1.2763 today.

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

Evangelos Poulakis
Analytical expert of InstaForex
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