EURUSD & GBPUSD Looking For Shorts?

02 Oct - EURUSD Daily

(Click on image for larger view)

Hi All,

A quick update on the Euro and Cable. As mentioned in the recent commentary (see article), both of these currency pairs seems to suggest that the bears are just around corner. The EURUSD chart above shows a consolidation followed by a price action false break set up. While I believe a short is quite likely, I’m well aware of the near term support around 1.34.

02 Oct - GBPUSD Daily

(Click on image for larger view)

Meanwhile, the GBPUSD shows a long term downward channel. Ideally, a bounce off the resistance level ~1.628 would be ideal but I wouldn’t be surprise if price doesn’t get there.

Are they ready to go short? We’ll see.

Thank you and happy trading!

Ps. Watch out for Non-Farm updates on Friday

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