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.

The post EUR/USD & EUR/GBP Analysis: High Volatility with Trends appeared first on FinanceBrokerage.

S&P 500 and Stock futures dropped on October 31, when investors digested not-so-good results of the tech corporations and, on the other hand, looked forward to reports from Apple and Amazon.

S&P 500 futures fell by 0.5%, with the Nasdaq 100 and Dow Jones futures equally falling by 0.6% one day subsequent to the U.S. CPI year changes that rose 8.3% compared to the previous year.

Meta Platforms’ premarket performance contributed to the cautious sentiment. Shares fell 3% as the company missed its user growth goals. Additionally, Meta announced that capital expenses will rise sharply in 2025, which contrasts with its strong third-quarter earnings.

Microsoft’s revenue projections did not attract investors, leading to a 4% fall in its stock price in premarket trading, as Wall Street altered its growth expectations in the light of the company’s muted outlook.

Wall Street Awaits Key Tech Earnings from Apple and Amazon

On the economic side, the latest personal consumption expenditures (PCE) price index was released. This index, a key inflation indicator for the Federal Reserve, showed that inflation increased as expected, nearing the Fed’s 2% target. This data suggests that inflation may be easing. However, investors remain cautious. They are wary of how both sluggish corporate earnings growth and inflation could impact overall market sentiment.

On October 30, the major stock indexes showed slight declines; the S&P 500 slipped by 0.3%, the Dow decreased by 0.2%, and the Nasdaq Composite declined by 0.6%. As far as Wall Street is concerned, investor attention has been shifted to the results of Apple and Amazon, particularly as to the viability of the development of the tech sector amidst a deteriorating economic environment. Most likely, these companies’ announcements will be the turning point of the earnings season.

S&P 500 Index Technical Analysis

S&P500/USD 15-Minute Chart (Source: TradingView)

Today, the S&P 500 index is experiencing slight pressure. The price stands at 5,813.66, the same percentage down as before. Over the past week, the index reached a high of 5,878.46. Since then, it has been gradually declining, forming lower highs and lower lows. Thus, the probable conclusion is that momentum is slowing down, and a cautious sentiment is setting in.

Key Support at 5,762.41 in Focus as Short-Term Bearish Trend Prevails

The Relative Strength Index (RSI) of the S&P 500 stock currently stands at 32.12, which is pretty much near the oversold territory. However, the RSI is trending downward. The 15-minute chart also shows a series of uninterrupted red candles. This indicates that, for now, the short-term bears are in control and are overpowering the bulls.

Monitoring the nearest support level of 5,762.41 is a must. When a state of steadiness emerges among traders and the RSI begins to trend upwards, it may boost buyers’ confidence. This upward movement could indicate a short-term buying opportunity.

In the short term, we are likely to see a cautious style of trading. This is displayed by range-bound situations in the market as investors monitor external factors, such as upcoming economic data and macroeconomic news. A breakthrough above the recent high of 5,840 could signal a revitalisation of buying interest in this stock.

In case you are already holding positions, look at the resistance line at around 5,840 and be extra cautious about it as breaking above it may indicate a comeback to the bullish trend. Be aware of the most recent economic data releases, as they are a major driver of market psychology.

The post S&P 500 Slide 0.48% as Wall Street Weighs Tech Earnings appeared first on FinanceBrokerage.

Overall Analysis

1. USD/CHF continued its rally towards the downside, but the price quickly reversed from the support area towards the resistance. 
2. In USD/JPY, sellers keep pressuring the market, but buyers continue breaking their swings and trying to push the market high.

USD/CHF Chart Analysis

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

On the 31st Oct 2024 the pair was continuously in the selling zone, creating a choppy market condition. Price followed the channel pattern and retested the support zone, creating a channel pattern. 

Price sharply reversed from the support area, indicating the strength of the zone. On the 1st Nov trading session, we can see the price again shoot up to test the resistance areas and face rejection from the same. The price has tested the resistance area three times, indicating weakness in the trendline.

There are chances of multiple entries which a trader can plan, and both buying and selling positions can trigger. 

Recently, the price shot up, indicating strong buyer interest. However, within just a 15-minute candle, the price surged upward, prompting instant profit-taking. This action may lead to a price correction, providing more opportunities for new buyers to enter.

If planning to enter, then we can use the Fib retracement tool to spot entry.

1. If the price comes and retests 0.6 and 0.5 levels and takes support from that level, then entry can be planned on the basis of the targets of 0.86900, and if resistance breaks, then one must use the trailing stop loss method, fix stop loss will be below 0.5 level. 
2. If the price breaks the 0.5 level and closes below it, then entry can be planned based on candle closing with the stop loss above 0.6 and targets of 0.86398 or till the support trendline. 
3. If the price hovers around the resistance trendline and creates a rectangle channel with 4-6 candles, then one can plan to buy a side entry if the price breaks the channel and closes above it with a stop below the previous swing low and target of 0.87291 on trailing stop loss basis.

EUR/GBP Chart Analysis 

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

In the trading session on October 31, 2024, the pair faces a massive price correction. On a higher time frame market broke the 0.5 Fib retracement level of the previous swing, indicating a trend reversal in the market. 

After correcting the price on October 31st, we observe a sharp correction accompanied by the formation of a cup and handle pattern. If the price comes near the 152.969 level, then a cup and handle pattern will activate. 

Price is continuously crossing the previous swing’s 0.5 level, which indicates buyers are not ready to let go of the market in selling. 

If planning for an entry, then one must enter after the price reaches the 152.969 level and create a zone near the area. One can enter if the price breaks the zone and closes the candle, with the stop loss below the previous swing low and targets of155.536 and 153.841.

The post USD/CHF & USD/JPY Analysis: Key Levels and Opportunities appeared first on FinanceBrokerage.

Overall Analysis

1. Bitcoin fell sharply on 31st Oct from higher levels, indicating profit booking, and missed a time high of just 300 points. The selling trend might go long. 
2. Ethereum continued respecting levels from higher time frames and fell sharply in the 31st Oct trading session. The price might break major support levels, triggering massive selling.

Bitcoin Chart Analysis

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

On the 31st Oct 2024 trading session, bitcoin fell sharply from a higher level, respecting all the resistance areas. Price missed to create an all-time high just from 300 points.  

After a huge distribution phase, which lasted nearly two days, the price showed profit booking, and buyers were not interested in taking the price higher as the price waited near the resistance zone for days, but after the breakout, it didn’t reach an all-time high, losing the buyers’ trust. 

Currently, looking at the price, we can see it is sharply coming down, simultaneously creating lower lows and lower highs. 

The seller can plan an entry based on the swing golden ratio rejection or break the $69,178 level for the targets of $68,460 and $67,554, with the stop loss around the $70,024 level. 

Please note: adjust stop loss according to your trading plan, as in such a fast market price comes for stop loss hunting. 

Ethereum Chart Analysis

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

On the 31st Oct 2024 trading session Ethereum broke the supporting trendline and sharp selling triggered.

Ethereum price moment syncs with Bitcoin, as the price is coming down in lower low and lower high patterns. Both cryptos made similar swings and continued their rally downwards. Ethereum, on a higher time frame, is stuck in a channel, continuing to respect the level for a long time.

Currently, the price has come down rapidly, only allowing a selling position. Taking a buying position in this market will not suit trading psychology and money management.

To create a selling position, plan an entry if the price breaks $2,490, targeting $2,468 and $2,434, with a stop loss near the $2,530 level.

If the price exceeds $2,400, a significant trend will break, leading to substantial selling or a rapid reversal. Short a position with a small stop loss and a trailing stop loss.

The post Bitcoin & Ethereum: Sharp Fall on Oct 31, Potential Selling appeared first on FinanceBrokerage.