the EUR/USD is building a small bullish pullback in a larger downtrend. The main target is the 50% Fibonacci retracement at 1.15-1.1540. The GBP/USD should make a bearish bounce as well, despite the strong bullish close and reverse.
The EUR/USD long-term direction depends on the price reaction at the 50% Fibonacci support level and 144 ema of the weekly chart.
The GBP/USD long-term direction depends on how strong price action falls once it makes a bearish bounce.
Check out the video below for the full analysis and trade plans on 4 – 8 Oct 2021: