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.

Chris Svorcik Elite CurrenSea

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

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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