EUR/USD and GBP/USD overview [Video]
|-
EUR/USD made a bullish retracement after the downtrend became exhausted on the 4 hour chart. Price action is now at a key decision for a bullish or bearish break.
-
The GBP/USD made a strong upside swing and is now testing a confluence of support.
EUR/USD and GBP/USD overview
The EUR/USD needs to break below the 50% Fibonacci support of the weekly chart for a downtrend continuation. A bullish breakout above the 50% Fib resistance of the 4 hour chart, however, could indicate the bullish reversal.
The GBP/USD remains in an uptrend as long as price action stays above the support trend line and long-term moving averages. A break below it indicates a bearish price swing to test the previous bottom.
Check out the video below for the full analysis and trade plans on 18 - 22 Oct 2021:
The analysis has been done with the indicators and template from the SWAT method simple wave analysis and trading. For more daily technical and wave analysis and updates, sign-up to our newsletter
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.