empty
29.05.2024 06:37 AM
EUR/USD and GBP/USD: Technical analysis on May 29

EUR/USD

This image is no longer relevant

Higher timeframes

The bulls faced yet another setback. Yesterday, they failed to update the pair's high (1.0895) and move beyond the weekly resistances (1.0859 - 1.0871). As a result, EUR/USD bounced downwards. To confirm and work on this today, it is necessary to overcome the influence of the main levels of the daily cross at 1.0848 - 1.0840 (Tenkan + Kijun). After this, the next challenge will be interacting with a solid support area, which includes several strong levels from higher timeframes within a narrow range (1.0817 - 1.0792).

This image is no longer relevant

H4 – H1

On the lower timeframes, the bearish correction has led to a test of the weekly long-term trend (1.0845). Breaking through this level could change the current balance of power. The next bearish targets after the intraday break will be the classic Pivot levels (1.0844 - 1.0832 - 1.0809). In case of a rebound from the weekly long-term trend, the focus will shift to recovering lost positions, and the market will concentrate on the resistance levels of the classic Pivot points. Currently, these resistances are located at 1.0867 - 1.0879 - 1.0902 - 1.0914.

***

GBP/USD

This image is no longer relevant

Higher Timeframes

Yesterday, the bulls ended the day with the price gradually moving downwards. If it continues to decline, the market will encounter support levels at 1.2721 (daily short-term trend) and 1.2665 (weekly Fibo Kijun). However, if the bears fail to change the situation and the bulls overcome the slowdown, GBP/USD could rise, with bullish targets at 1.2892 (lower boundary of the monthly cloud) and 1.2947 – 1.3019 (daily target for breaking the cloud).

This image is no longer relevant

H4 – H1

A correction is currently developing on the lower timeframes. The market is approaching a key level – the weekly long-term trend at 1.2738, which determines the current balance of power. Its outcome could set the course for further development. A rebound would shift the focus to the resistance levels of the classic Pivot points, which are located at 1.2770, 1.2786, 1.2816, and 1.2832. Conversely, a breakthrough would place the focus on the support levels of the classic Pivot points at 1.2724 and 1.2694.

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (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

Forex forecast 16/04/2025: EUR/USD, GBP/USD, USD/CAD, Oil 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 09:55 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday April 16, 2025.

On the 4-hour chart, the USD/CAD commodity currency pair can be seen moving below the EMA (100) and the appearance of a Bearish 123 pattern and the position

Arief Makmur 07:37 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday April 16, 2025.

With the Stochastic Oscillator condition heading towards the Oversold level (20) on the 4-hour chart of the AUD/JPY cross currency pair, in the near future AUD/JPY has the potential

Arief Makmur 07:35 2025-04-16 UTC+2

EUR/USD Forecast for April 16, 2025

Yesterday, the euro zone's ZEW economic sentiment indicators for April were disappointing. The index plunged from 39.8 in March to -18.5, far below the forecast of 13.2. We believe

Laurie Bailey 05:12 2025-04-16 UTC+2

GBP/USD Forecast for April 16, 2025

The British pound continues to rise according to our previously outlined scenario (see reference), heading toward the magnetic point at 1.3311, which is the intersection with the upper boundary

Laurie Bailey 05:12 2025-04-16 UTC+2

USD/JPY Forecast for April 16, 2025

On the daily chart, the price has formed a small triangle around the 143.45 level and consolidated below it. Since the nearest target at 141.70 is close, the price

Laurie Bailey 05:12 2025-04-16 UTC+2

Trading Signals for GOLD (XAU/USD) for April 15-18, 2025: sell below $3,220 (+1/8 Murray - 21 SMA)

Early in the American session, gold is trading around 3,220, showing signs of exhaustion. A further technical correction toward the 21SMA is likely in the coming hours

Dimitrios Zappas 14:05 2025-04-15 UTC+2

Forecast for GBP/USD on April 15, 2025

On the hourly chart, the GBP/USD pair continued rising on Monday and secured a position above the 1.3139 level. Thus, the upward movement may continue toward the next Fibonacci corrective

Samir Klishi 11:59 2025-04-15 UTC+2

Forecast for EUR/USD on April 15, 2025

On Monday, the EUR/USD pair continued to rise but returned by the end of the day to the 261.8% Fibonacci retracement level at 1.1318. A double rebound from this level

Samir Klishi 11:55 2025-04-15 UTC+2

Forex forecast 15/04/2025: EUR/USD, GBP/USD, USD/JPY, 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 09:44 2025-04-15 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.