EUR/USD, GBP/USD Analysis & Setups 1 – 5 Nov 2021

The EUR/USD is showing strong bearish momentum but price action was unable to break the bottom. The bears will need to see a push below the 50% Fibonacci level whereas the bulls need a break above 1.1625. The GBP/USD made a bearish swing but price action is approaching the inverted head and shoulders pattern.

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EUR/USD & GBP/USD Overview

The EUR/USD will need a clear break before the next trend is confirmed. A break above 1.1625 indicates a bullish reversal whereas a break below 1.1525 confirms the downtrend.

The GBP/USD is approaching a key support zone at 1.3575-1.36. A bullish bounce could indicate a rally towards the trend line. A break below the 1.34 support indicates a strong downtrend.

Check out the video below for the full analysis and trade plans on 1 – 5 Nov 2021:

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Good trading,

Chris Svorcik
CTA