EUR/USD & EUR/GBP: Key Support Levels Under Pressure -

EUR/USD & EUR/GBP: Key Support Levels Under Pressure

Nov 12, 2024Jeremy ParkinsonFinance0

EUR/USD Chart Analysis EUR/USD 15-Minute Chart (Source: TradingView)On the 8th of November 2024 trading session, the EUR/USD pair closed at -0.88% after sustaining a sideways scenario during the first half and then falling sharply towards support in the second half of the session.Currently, on the daily time frame, the price attempted to move upward but faced rejection and fell sharply toward the support level. The 1.06827 level serves as a crucial support area, and a price close below this level could trigger massive selling.On the 15-minute time frame, the price can be seen retesting the 1.06874 level repeatedly. This is a crucial support level on both higher and lower time frames. If looking for an entry trigger, a few options are mentioned below:

Bullish Scenario: If the price again fails to close below the 1.06827 level, buyers may consider entering a trade with a stop loss below the previous swing low and a target at the 1.07213 level.

Bearish Scenario: If the price continues to close below the 1.06827 level, sellers may consider entering a trade with a stop loss above the previous swing high and targets at 1.06518 and 1.06271 levels. Ensure the RSI is not in an oversold scenario.

EUR/GBP Chart Analysis EUR/GBP 15-Minute Chart (Source: TradingView)On the 8th of November 2024 trading session, the pair showed selling pressure within the channel while forming a lower-low and lower-high pattern. The price remained in the zone for the last three trading sessions but broke the pattern downward on the 11th of November trading session.The pair has broken the major support level of 0.83061 and sustained below it on the daily time frame, clearly indicating strong selling pressure. The pair has been closing in red for the last five trading sessions after rejecting resistance at the 0.84470 level.As the price breaks the support level and sustains below it, it activates a selling trend. The following outlines the entry triggers:

Bearish Scenario: If the price consolidates below the support level and breaks out from the consolidation area, sellers may consider entering a trade with a stop loss above the previous swing high and a target at the 0.82498level.

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