empty
16.01.2025 08:18 AM
EUR/USD and GBP/USD on January 16 - Technical Analysis of the Situation

EUR/USD

This image is no longer relevant

Higher Timeframes

Yesterday, the pair formed a long upper shadow, testing the daily Fibonacci Kijun level at 1.0338. By the end of the day, the market chose to remain below the daily resistance levels of 1.0338 to 1.0308. There was no significant rebound, leaving multiple scenarios possible for today. For the bulls, the path is obstructed by the resistances of the daily Ichimoku bearish cross, ranging from 1.0308 to 1.0328, with additional resistance at 1.0374 and 1.0420, reinforced by the weekly short-term trend at 1.0404. For the bears, a break below the historical support level at 1.0200 and a continuation of the downward trend at 1.0179 are crucial.

This image is no longer relevant

H4 – H1

On the lower timeframes, the pair is currently testing support levels at 1.0301 (Central Pivot Point) and 1.0273 (Weekly Long-Term Trend). Staying above these levels maintains the advantage for the bulls. Conversely, a break below these levels and a trend reversal would give the bears the upper hand and open the door for further bearish developments. Additional reference points for intraday moves include resistance levels at 1.0342, 1.0396, and 1.0437, as well as support levels at 1.0247, 1.0206, and 1.0152 from the classic Pivot levels.

***

GBP/USD

This image is no longer relevant

Higher Timeframes

Yesterday, bulls managed to reach and test the upper boundary of the monthly cloud at 1.2301. However, the pair still lacks clear direction, as the previous days formed candles with small bodies and long wicks in both upward and downward directions. Bulls are targeting the nearest resistance levels at 1.2301–1.2336 (the upper boundary of the monthly cloud and the daily short-term trend), while bears aim to break out of the monthly cloud at 1.2099, potentially entering bearish territory to resume the downward trend.

This image is no longer relevant

H4 – H1

On the lower timeframes, bulls are currently battling for control over key levels at 1.2234–1.2225 (the Central Pivot Point and the Weekly Long-Term Trend). Maintaining these levels would help them retain their advantage. Classic Pivot levels serve as reference points for the development of directional movements throughout the day. For the bulls, the path to success lies through resistance levels at 1.2306, 1.2377, and 1.2449. Conversely, for bearish sentiment to develop, they will focus on the support levels at 1.2161, 1.2091, and 1.2020 within the classic Pivot levels.

***

Technical Analysis Components:
  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
  • H1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)
Evangelos Poulakis,
Analytical expert of InstaTrade
© 2007-2025

Recommended Stories

EUR/USD. May 23rd. Smart Money System Analysis

After the breakdown of the bearish structure, we witnessed a strong rally in the euro, which, as of now, cannot be considered complete. The new bullish structure remains intact

Samir Klishi 20:09 2025-05-23 UTC+2

Trading Signals for BITCOIN for May 23-27, 2025: sell below $108,700 (200 EMA - 21 SMA)

Bitcoin is trading around 109,369, bouncing back after reaching the key level of 107,500, which represents strong support for Bitcoin. If it consolidates above 108,700 (21SMA) in the coming hours

Dimitrios Zappas 18:16 2025-05-23 UTC+2

Trading Signals for GOLD for May 23-27, 2025: sell below $3,360 (7/8 Murray - 21 SMA)

On the other hand, if gold consolidates above 3,370, the outlook could remain positive, and we could expect it to rise and reach 8/8 of the Murray level at 3,437

Dimitrios Zappas 18:14 2025-05-23 UTC+2

XAG/USD. Analysis and Forecast

Silver is regaining positive momentum, maintaining control above the key psychological level of $33.00. The emergence of buying on declines confirms that this week's breakout above the upper boundary

Irina Yanina 17:27 2025-05-23 UTC+2

Forecast for EUR/USD on May 23, 2025

On Thursday, the EUR/USD pair retraced back to the support zone of 1.1260–1.1282, reversed in favor of the euro, and resumed its upward movement toward the yet-to-be-tested resistance zone

Samir Klishi 16:39 2025-05-23 UTC+2

Forecast for GBP/USD on May 23, 2025

On the hourly chart, the GBP/USD pair traded sideways on Thursday but overall continues its upward movement. On Friday, the pair achieved a new consolidation above the minor resistance level

Samir Klishi 16:28 2025-05-23 UTC+2

Forex forecast 23/05/2025: EUR/USD, GBP/USD, SP500, Gold, 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 10:51 2025-05-23 UTC+2

EUR/USD Forecast for May 23, 2025

The Eurozone PMI data for May, published yesterday, was disappointing. The Manufacturing PMI dropped from 49.0 to 48.4 (vs. expectations of 49.2), and the Services PMI declined from 50.1

Laurie Bailey 05:16 2025-05-23 UTC+2

GBP/USD Forecast for May 23, 2025

Yesterday, the British pound closed at its opening level, which visually appears as a consolidation below the 1.3433 level — a level that the price is already attempting to break

Laurie Bailey 04:48 2025-05-23 UTC+2

EUR/NZD Forecast for May 23, 2025

On the daily chart, the pair's quote breaks above the MACD line after spending two weeks below it. The Marlin oscillator's entry into positive territory supports the assumption

Laurie Bailey 04:43 2025-05-23 UTC+2
Can't speak right now?
Ask your question in the chat.
 

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 InstaTrade anyway.

We are sorry for any inconvenience caused by this message.