05.10.202008:42 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on October 5

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Analysis of transactions in the EUR / USD pair

The euro failed to reach any of the indicated support or resistance levels last Friday, so as a result, strong movements were not observed in the EUR / USD pair, even amid the release of important reports on the US economy.

Trading recommendations for October 5

As for today, a number of crucial reports are scheduled to be published, one of which is the data on the state of the service sector of eurozone countries. Since this area has been hit hardest during the coronavirus crisis, a rather weak data is expected, which may lead to pressure on the European currency.

Buy a position only when the euro reaches a quote of 1.1742 (green line on the chart), and then take profit at the level of 1.1810. However, a bullish move will only occur if data on the eurozone services sector come out better than the forecasts.
Sell a position in case of bad data on the eurozone services sector, as well as if the quote reaches the level of 1.1715 (red line on the chart). Afterwards, take profit at the level of 1.1642.

Analysis of transactions in the GBP / USD pair

Like the euro, the pound failed to reach any of the indicated support and resistance levels, as a result of which large profitable movements were not seen on the GBP / USD pair last Friday.

Important reports on the US economy also failed to move the pound.

Trading recommendations for October 5

The upcoming PMI report for the UK services sector will be of particular value, especially since it will act as the main driver of the UK economy. So, if data comes out weaker than the forecasts, pressure on the pound will increase. But if the data signals good condition, a new wave of growth in the GBP / USD pair can be expected.

Buy a position when the pound reaches a quote of 1.2955 (green line on the chart), and then take profit around the level of 1.3020 (thicker green line on the chart).
Sell a position after the pound reaches a quote below 1.2909 (red line on the chart), and then take profit at least at the level of 1.2844.

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