Daily Market Analytics - Forex

EURUSD Technical Analysis – 24th JULY, 2024

EURUSD – Bearish Trend Reversal


EURUSD was unable to continue its bullish momentum and after touching a high of 1.0867 yesterday the prices started to decline steadily against the United States dollar.
The Parabolic SAR indicator is giving a bearish reversal signal in the 15-minutes timeframe.
The Momentum indicator is also back under zero in the 15-minutes timeframe.

The prices of EURUSD are ranging near the resistance of the channel in the 15-minutes timeframe.
We can also see the formation of Bearish Trend reversal pattern with the Adaptive Moving average AMA20 and AMA50 in the 15-minutes timeframe.
The MACD crosses down its Moving average in the daily timeframe.

EURUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Euro Bearish correction seen below the 1.0867 mark.
• Short-term range appears to be Mild Bearish.
• EURUSD continues to remain above the 1.0840 levels.
• Average true range ATR is indicating less market volatility.

The next support is located at 1.0833 which is a Pivot Point 1st Support Point.
EURUSD is now trading below its Pivot levels of 1.0851 and is moving into a Mild Bearish channel.

The price of EURUSD remains below its Classic support levels of 1.0848 and is moving towards its next target of 1.0831 which is a 3-10 Day MACD Oscillator Stalls.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog

GBPUSD Technical Analysis – 24th JULY, 2024

GBPUSD – Support Of Channel Is Broken


GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2919 the prices have started to decline steadily against the United States dollar.
The support of the channel is broken in the 1-hourly timeframe.
The Parabolic SAR indicator is giving a bearish reversal signal in the 15-minutes timeframe.

The prices of GBPUSD are ranging near resistance of the channel in the 15-minutes timeframe.
The MACD crosses down its moving average in the daily timeframe.
The prices of GBPUSD are moving near a new low record of 1-month.

GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish correction seen below the 1.2919 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2890 levels.
• Average true range ATR is indicating less market volatility.

GBPUSD is now trading above its Pivot levels of 1.2888 and is moving into a Mild Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2874 and is now moving towards its next target of 1.2885 which is a Pivot Point 1st Support Point.

We are also looking for the breach of the levels of 1.2879 which is a 38.2% Retracement From 4 Week High.

Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.

For in-depth analysis, please check FXOpen Blog