empty
31.10.2024 10:11 AM
EUR/USD and GBP/USD Technical Analysis for October 31

EUR/USD

This image is no longer relevant

Higher Time Frames

Yesterday, the bulls climbed above the daily short-term trend (1.0817) but couldn't break through the weekly resistances (1.0844 – 1.0863 – 1.0876) on the first attempt, leaving this task still relevant. Today marks the end of the month. October has been dominated by bearish sentiment, and the focus now is on the length of the lower shadow of the monthly candle and whether the bears can close the month as optimistically as possible.

This image is no longer relevant

H4 – H1

In the lower time frames, the bulls currently hold the advantage. They may soon leave the H4 cloud and form an upward target for breaking through it. As a result, additional targets in the form of classic Pivot levels (1.0884 – 1.0909 – 1.0947) will be added to the H4 targets during the day. If the bears gain control, the most crucial target for corrective decline would be the weekly long-term trend (1.0819). A breakthrough and reversal of this trend could shift the current balance of power. The following downside targets during the day will be the support levels of classic Pivots levels (1.0783 – 1.0758).


GBP/USD

This image is no longer relevant

Higher Time Frames

As October draws to a close, the bears have returned to the weekly medium-term trend (1.2939). Today, we close the month. The bears will strive to secure a solid bearish result, and the effectiveness of this effort will be evaluated tomorrow. The bulls' immediate targets today are 1.2980 (daily short-term trend) and 1.3049-56 (lower boundary of the daily cloud + weekly Fibo Kijun). For the bears, a move beyond 1.2939 would open the path to 1.2864 (monthly short-term trend).

This image is no longer relevant

H4 – H1

On the lower time frames, the market has recently been hovering around the key levels of 1.2980 – 1.2975 (central Pivot point of the day + weekly long-term trend), which are currently horizontal, supporting uncertainty. Breaking out of this zone and strengthening the direction of either side will lead to a decisive movement. For the bulls, targets would be the classic Pivot resistance levels (1.3023 – 1.3086 – 1.3129), while for the bears, they would be the support levels (1.2917 – 1.2874 – 1.2811).


Technical Analysis Tools Used:

  • Higher Time Frames – Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels
  • Lower Time Frames (H1) – Classic Pivot Points + 120-period Moving Average (weekly long-term trend)
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

Trading Signals for EUR/USD for May 5-8, 2025: sell below 1.1370 (200 EMA - 6/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1345, reaching the top of the downtrend channel and showing signs of exhaustion. The euro could resume its bearish

Dimitrios Zappas 17:34 2025-05-05 UTC+2

Trading Signals for GOLD (XAU/USD) for May 5-8, 2025: buy above $3,305 (21 SMA - 7/8 Murray)

On the other hand, a weakness in the metal below the 21SMA at 3,280 could resume the bearish cycle. So, we could expect gold to reach the bottom

Dimitrios Zappas 17:31 2025-05-05 UTC+2

EUR/USD. Fed Meeting Results May Lead the Pair to a Decline

The pair is consolidating in a narrow range below the resistance level of 1.1345 in anticipation of the outcome of the Fed's monetary policy meeting, which will conclude on Wednesday

Pati Gani 10:59 2025-05-05 UTC+2

EUR/USD – May 5th: The U.S. Labor Market Is Not Hopeless

On Friday, the EUR/USD pair rose to the level of 1.1374, bounced off, and reversed in favor of the U.S. dollar. The bears attacked again, but only briefly, and overall

Samir Klishi 10:57 2025-05-05 UTC+2

GBP/USD – May 5: Trump May Lift Tariffs on China

On the hourly chart, the GBP/USD pair continued its decline on Friday toward the 161.8% Fibonacci correction level at 1.3249. A rebound from this level will favor the British pound

Samir Klishi 10:51 2025-05-05 UTC+2

Forex forecast 05/05/2025: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD 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 10:23 2025-05-05 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Monday May 05, 2025.

With the appearance of the Failing Wedge pattern on the 4-hour chart, it gives an indication that in the near future it has the potential to go to the level

Arief Makmur 08:23 2025-05-05 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Monday May 05, 2025.

By looking at the 4-hour chart of the EUR/JPY cross currency pair, it appears that in the near future EUR/JPY has the potential to strengthen, which is confirmed

Arief Makmur 08:23 2025-05-05 UTC+2

Technical Analysis of Intraday Price Movement Nasdaq 100 Index, Friday May 02, 2025.

From what is seen on the 4-hour chart of the Nasdaq 100 index, the Stochastic Oscillator indicator is in a Crossing SELL condition and the appearance of a Rising Wedge

Arief Makmur 08:04 2025-05-02 UTC+2

Trading Signals for GOLD (XAU/USD) for May 1-3, 2025: buy above $3,203 (200 EMA - 5/8 Murray)

The price of the yellow metal is likely to trade between 3,203 and could reach the bottom of the bearish channel around 3,181 in the coming days, a level that

Dimitrios Zappas 17:49 2025-05-01 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.