General analysis
- EUR/USD is moving up, forming an ascending channel. The price may face strong resistance around the 1.08703 level.
- EUR/GBP is in a bearish trend on the upper time frame, and the price is encountering resistance near the 0.83825 level.
EUR/USD Chart Analysis
EUR/USD 15-minute chart (Source: TradingView)
On October 30, 2024, the price rose within a channel-like structure, showing high volatility. In the first half, the price rose sharply, briefly fell below the low of the day, and finally reached a new high of the day.
Currently, the price is facing resistance at the 1.08703 level. If it breaks and closes above this level, it can be considered an entry, targeting 1.08979 with a stop loss below the recent low.
If the price breaks the support level and closes below 1.08448, sellers can take positions targeting 1.08080, with a stop loss above the previous high.
Please note that due to high volatility, only high-risk traders are recommended to enter the market.
EUR/GBP Chart Analysis
EUR/GBP 15-minute chart (Source: TradingView)
In the trading session of October 30, 2024, the price initially rose and remained stable, but in the second half it showed a sharp decline, correcting more than 50% from the day's high before reversing from the lows and reaching a new maximum. .
The price is in a selling trend on the higher time frame, which leads to heavy selling when the market tries to break this trend.
If you are planning an entry, note that the price is currently within a channel between 0.83448 and 0.83861. It fell sharply from the day's high and retested the 0.83526 level. Given the sharp decline from the high, traders may consider a reverse buy trade if the price rejects this level, targeting 0.83861 and setting a stop loss below the previous low.
Final thoughts
In conclusion, both EUR/USD and EUR/GBP present critical points for traders, with EUR/USD facing key resistance at 1.08703 in an ascending channel and EUR/GBP maintaining a bearish trend near the resistance at 0.83825.
For EUR/USD, a breakout or confirmed breakout could offer entry signals for high-risk traders. Meanwhile, the EUR/GBP channel structure offers a potential buying opportunity if it rejects the 0.83526 level. Given the current volatility, careful risk management and compliance with stop-loss levels is essential in both scenarios.
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