09.10.202008:36 Forex Analysis & Reviews: Analysis on the EUR/USD and GBP/USD pairs and trading recommendations for October 9

Analysis of transactions in the EUR / USD pair

The market was in favor of the bears yesterday, and this can be seen clearly when short positions set from 1.1759 gave profit to traders by about 30 points. Long positions from 1.1777, on the other hand, only brought losses.

Trading recommendations for October 9

Since there are no important statistics scheduled for release today, the euro bulls will have every chance of resuming the correction, and it may lead to movement beyond the sideways channel, at which the EUR / USD pair has been trading all throughout the week.

• Set up a long position when the euro reaches a quote of 1.1785 (green line on the chart), and then take profit at the level of 1.1825.
• Open a short position if the euro moves to a quote of 1.1757 (red line on the chart), and then take profit at the level of 1.1726.

Analysis of transactions in the GBP / USD pair

The pound climbed up by 25 pips yesterday (from 1.2940), but then dropped down again due to the statements made by Bank of England Governor, Andrew Bailey, on the topic of monetary policy.

Trading recommendations for October 9

A number of important UK statistics are coming out today, which could lead to a surge in volatility. Good reports will maintain the bullish momentum, and could also lead to new weekly highs in the GBP / USD pair.

• Open a long position when the pound reaches a quote of 1.2966 (green line on the chart), and then take profit around the level of 1.3010 (thicker green line on the chart).
• Set up short positions after the pound reaches a quote of 1.2942 (red line on the chart), and then take profit at least at the level of 1.2895.