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 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

XAU/USD. Analysis, Forecast, and Current Market Situation

Gold is maintaining a bearish intraday tone today.Oscillators on the daily chart are just beginning to show negative momentum, indicating the potential for further declines in the metal's price

Irina Yanina 12:50 2025-07-07 UTC+2

Forecast for EUR/USD on July 7, 2025

On Friday, the EUR/USD pair traded very weakly, with trader activity extremely low due to the U.S. Independence Day. As a result, no trading signals, important breakouts, or other chart

Samir Klishi 11:48 2025-07-07 UTC+2

GBP/USD. July 7th. Bulls Defend the 1.3611 Level

On the hourly chart, the GBP/USD pair traded sideways on Friday. Today, a new rebound from the support zone of 1.3611–1.3633 could give traders hope for a reversal in favor

Samir Klishi 11:15 2025-07-07 UTC+2

AUD weakens against USD but there is potential for a temporary strengthening retracement, Monday, July 7, 2025.

AUD/USD – Monday, Monday, July 7, 2025. With the potential for escalation of the global tariff trade war, demand for the USD currency as a safe haven has increased, making

Arief Makmur 08:52 2025-07-07 UTC+2

USD strengthens again against Yen despite potential correction in the near future, Monday, July 7, 2025.

USD/JPY – Monday, July 7, 2025. With the release of positive US economic data and the BOJ's policy stance remaining Dovish, today USD/JPY has the potential to strengthen. Key Levels

Arief Makmur 08:52 2025-07-07 UTC+2

EUR/USD Forecast for July 7, 2025

On the weekly chart, the price has precisely reached the intersection point of the Fibonacci ray and the upper boundary of the price channel. This occurred on the first

Laurie Bailey 06:24 2025-07-07 UTC+2

GBP/USD Forecast for July 7, 2025

On Thursday and Friday, the pound traded within a narrow range between the support level of 1.3635 and the resistance of the daily MACD line. This morning, the price

Laurie Bailey 06:21 2025-07-07 UTC+2

USD/JPY Forecast for July 7, 2025

USD/JPYFollowing a 126-point surge driven by strong U.S. labor market data, which pushed the quote above the balance indicator line, the pair closed below this line on Friday. Today began

Laurie Bailey 06:15 2025-07-07 UTC+2

EUR/USD. July 4th. Bears continue to retreat from the market

On Thursday, the EUR/USD pair rebounded once again from the 1.1802 level and declined almost to the 127.2% Fibonacci retracement level at 1.1712. As of Friday morning, the pair

Samir Klishi 10:53 2025-07-04 UTC+2

Forex forecast 04/07/2025: EUR/USD, GBP/USD, USD/JPY, SP500 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 2025-07-04 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.