EUR/USD, GBP/USD Analysis & Setups 18 – 22 Oct 2021

By Chris Svorcik of Elite CurrenSea

Forex Trader, Analyst, Educator • Oct 18, 2021 at 11:20 AM EDT

The EUR/USD made a bullish retracement after the downtrend became exhausted on the 4 hour chart. Price action is now approaching a key decision for a bullish or bearish break.

The EUR/USD made a bullish retracement after the downtrend became exhausted on the 4 hour chart. Price action is now approaching 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 & 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:

EUR/USD, GBP/USD technical analysis
Review of patterns, trends, key S&R levels
Explanation of potential trade ideas both up and down
Beginner friendly, explaining concepts in more detail

Video Length: 0:06:51

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