EUR/USD, GBP/USD Analysis & Setups 29 Sep – 1 Oct 2021

The EUR/USD invalidated the bullish outlook by breaking below the bottom. A bearish impulse is now expected to aim at the targets around 1.16 and 1.15. The GBP/USD also made a bearish breakout and has reached the first target at 1.35.

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EUR/USD & GBP/USD Overview

The EUR/USD is moving lower as part of a bearish wave 3 or wave C. The main target is the 50% Fibonacci level on the weekly chart around 1.15-1.1550.

The GBP/USD is expected to make a bullish pullback first before moving down lower once again. A descending wedge pattern has been broken with a strong bearish daily candle and one more move lower could take place at 1.375-1.36.

Check out the video below for the full analysis and trade plans on 29 Sep – 1 Oct 2021:

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Good trading,

Chris Svorcik
CTA