EUR/USD & EUR/GBP Analysis: High Volatility with Trends

Overall Analysis

1. EUR/USD is moving upward, forming an ascending channel. The price may face strong resistance around the 1.08703 level.
2. EUR/GBP is in a downtrend on the higher time frame, with the price encountering resistance near the 0.83825 level.

EUR/USD Chart Analysis 

EUR/USD 15-Minute Chart (Source: TradingView)

On October 30, 2024, the price moved upward within a channel-like structure, showing high volatility. In the first half, the price rose sharply, briefly dropped below the day’s low, and eventually reached a new day high.

Currently, the price is facing resistance at the 1.08703 level. If it breaks and closes above this level, an entry can be considered, targeting 1.08979 with a stop loss below the recent swing low.

If the price breaks the support level and closes below 1.08448, sellers may take positions targeting 1.08080, with a stop loss above the previous swing high.

Please note that due to high volatility, only high-risk traders are advised to enter the market.

EUR/GBP Chart Analysis 

EUR/GBP 15-Minute Chart (Source: TradingView)

On the trading session of October 30, 2024, the price initially moved upwards and remained stable, but in the second half, it showed a strong dip, correcting more than 50% from the day’s high before reversing from the lows and making a new high.

The price is in a selling trend on the higher time frame, which leads to sharp selling when the market attempts to break this trend.

If planning an entry, note that the price is currently within a channel between 0.83448 and 0.83861. It sharply fell from the day’s high and retested the 0.83526 level. Given the sharp decline from the high, traders can consider a reversal buying trade if the price rejects this level, targeting 0.83861 and setting a stop loss below the previous swing 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 downtrend near resistance at 0.83825.

For EUR/USD, a confirmed breakout or breakdown could offer entry signals for high-risk traders. Meanwhile, EUR/GBP’s channel structure provides a potential buying opportunity if it rejects the 0.83526 level. Given the current volatility, careful risk management and adherence to stop-loss levels are essential in both scenarios.

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