InstaForex

November 5, 2021

Trend and Range Trades on EUR/USD and GBP/JPY

 Who’s up for last-minute setups?


End the week on a strong note by taking advantage of EUR/USD’s range support and GBP/JPY’s trend pullback!


Have you marked these areas of interest too?


EUR/USD: 1-hour

I know that we speculated on more losses for the euro earlier this week but it looks like the common currency had found support from the 1.1530 zone.



EUR/USD is now a few pips above the range support as it waits for its next direction.

Euro bulls can take advantage of EUR/USD’s proximity to an established support zone by buying at current levels and aiming for the 1.1675 range resistance.


If you think that euro bears are just taking a breather, however, then you can place orders below October’s lows or make trading plans for a possible downside breakout and an extended downtrend for EUR/USD.


What do you think? Which way do you think the euro will go in the next trading sessions?


GBP/JPY: 4-hour

Pound bulls have been riding an uptrend and making pips rain since March 2021.



The bulls have taken a short vacation, though, because the bears absolutely killed it at the 158.00 zone. They done dragged GBP/JPY to just above the 153.00 psychological handle!

Trend warriors who think that the bulls will step in again can look for entry opportunities near the 150.00 – 152.00 zone where the 61.8% Fib retracement level, 100 and 200 SMAs, and a months-long trend line support are hanging out.


If you’d rather take advantage of the strong downswing, though, then you can also short at current levels and just bail as soon as you see the first signs of bullish momentum.


Good luck and good trading this one, my dudes!