Overall Analysis
EUR/USD fell sharply on the 1st Nov Trading session after a strong spike up. Still, previous higher low swings are intact.
EUR/GBP showed the same fall on 1st Nov, keeping the previous lows intact and slowly moving upside.
EUR/USD Chart Analysis
EUR/USD 15-Minute Chart (Source: TradingView)
On the 1st Nov 2024 trading session, prices fell, closing around -50%. Price recovered sharply on 4th Nov trading session with a huge gap-up. Currently, the price did not break any previous higher low area, indicating strength towards the upside.
On a daily time frame, the price can be seen reversing from the major support level after delivering its double-top pattern target. Price should retest 0.5 fib retracement level, keeping the bull rally intact.
Currently, looking at a 15-minute time frame, the EUR/USD price faces rejection from the 1.09030 level and continues hovering around it, making a flag and pole pattern. There are a few levels traders can plan to make their entry.
If the price breaks the 1.09030 level and sustains above it with an RSI below 60, then one can go for a buy position with a stop loss below the previous low and targets of 1.09164 and 1.09367. Make sure to trail stop loss as the price can face sharp rejection from the levels.
If the price creates a new day high and is rejected, wait for the price to break the 1.08872 level. This level will trigger a Double Top pattern with stop loss above the previous swing high and target of the day low.
EUR/GBP Chart Analysis
EUR/GBP 15-Minute Chart (Source: TradingView)
On the 1st Nov 2024 trading session, EUR/GBP can be seen falling sharply towards 0.83692 level. Price has still kept previous Higher Lows intact but is currently moving sideways under a strong rejection zone.
On a daily time frame, the price has fallen sharply and is now facing rejection from previous swings. Currently, on a higher time frame, selling is still in strength.
If looking at the 15 min time frame, then we can see the price is currently in a strong zone. 1st November fall has not been recovered yet. There are multiple entries that traders can plan, below is the list.
If the price breaks the 0.84180 level and sustains above it, more buying will trigger in this situation. With stop loss below the previous swing low and a target of 0.84480
Suppose the price breaks 0.83533, which was the previous swing low, a sharp fall is expected. In that case, you can enter if the price sustains below it, setting a stop loss above the previous swing high and aiming for a target of 0.83198.
The post EUR/USD and EUR/GBP Analysis: A Sharp Drop appeared first on FinanceBrokerage.
