EURUSD and GBPUSD Immediate Risks Lower Within Intermediate-Term Ranges

eur usd chart

  • Our 4th October analysis on EURUSD and GBPUSD highlighted intermediate-term ranges with negative risks.
  • Despite both EURUSD and GBPUSD pushing hither since then, the i0t ranges remains very much intact.
  • Moreover, setback for both again late last week has shifted the very immediate bias for corrections lower through mid-October.


EURUSD Bias shifts lower

A selloff on Friday back from below notable resistance at the swing high at 1.1625, to reverse down below the up trend line from last week, and modest 1.1548 support, easing immediate upside forces an flipping the bias lower Monday.

The early October probe below 1.1529/25 shifted the intermediate-term outlook from bullish back to neutral, with the range seen as 1.1815 to 1.1300.

For Today:

  • We see a downside bias for 1.1533; break here aims for .1513, possibly towards 1.1477.
  • But above 1.1610 aims quickly for 1.1625 opens risk up to 1.1685.

 Intermediate-term Range Breakout Parameters: Range seen as 1.1815 to 1.1300.

  • Upside Risks: Above 1.1815 sets a bull trend to aim for 1.1996/2000 and 1.2476.
  • Downside Risks: Below 1.1300 sees a bear trend to target 1.1119, 1.1000 and 1.0839.

Resistance and Support:

1.11- 1.1625* 1.1685 1.1720 1.1798
1.1533 1.1513 1.1477* 1.1429** 1.1393**

4 Hour EUR/USD Chart

eur usd chart

GBPUSD Setback from below key 1.3299; bias shifts lower

A selloff Friday from 1.328 through 1.3177 support for a bearish outside daily pattern, for now rejecting a challenge to the key 1.3299 peak and switching the bias lower for Monday.

We see an intermediate-term range theme as 1.3299 to 1.2894, BUT with skewed risk for an intermediate-term bullish shift above 1.3299.

For Today:

  • We see a downside bias for 1.3133; break here aims for 1.3084 and below opens risk down to 1.3027.
  • But above 1.3196 opens risk up to 1/3258 and 1.3277.

Intermediate-term Range Breakout Parameters: Range seen as 1.3299 to 1.2894.

  • Upside Risks: Above 1.3299 sets a bull trend to aim for 1.3363, 1.3473 and 1.3618.
  • Downside Risks: Below 1.2894 sees a bear trend to target 1.2784, 1.2661 and 1.2500.

Resistance and Support:

1.3196 1.3258/77 1.3299*** 1.3363** 1.3391
1.3133* 1.3084 1.3027* 1.3002* 1.2921**

4 Hour GBP/USD Chart

gbp usd chart


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