EURUSD Stop Hunt: Forex Chart Markups, 28 September 2026

The EURUSD stop hunt on Wednesday 30 September 2026 ran 6 pips through Tuesday's high at 08:30 New York, as US PCE and GDP data came out, completed an M formation at 1.13803, and fell 58 pips that day and 165 by Thursday. GBPUSD, gold, USDCAD, USDCHF and NZDUSD hunted stops in the same candle. This week's chart markups cover Monday to Thursday: 9 textbook setups, 6 partials and three weekly cycles.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 9 textbook and 6 partial.
• Weekly cycle: 3 of 8 markets turned midweek (GBPUSD, USDJPY and USDCHF).
• Setup of the week: EURUSD on Wednesday, M formation, 6 of 8 on confluence: 58 pips that day, 165 on the week.
• News in sync with a stop hunt: USD Core PCE Price Index m/m, Final GDP q/q.
• Note: these charts were made before Friday's sessions, so the week is not complete.

Watch: the top 5 plays of the week

The video counts down this week's five cleanest setups, replayed on TradingView's charts and marked up as they print. It reads its numbers from TradingView's price feed and the charts below use ours, so some levels differ between the two, most of all on USDCAD and USDJPY.

EURUSD stop hunt: how to read these chart markups

If this is your first markup, read it backwards. We are not asking where price will go. We are asking where the crowd has put its orders, because retail education puts them in the same places every week: stops above the highs, stops below the lows, breakout orders just past both. On each chart the blue box is the Asian range, the bands of red crosses are retail stop losses, the hatched zone is the stop hunt, and the header shows the pips the reversal made. How to Read a Forex Chart Markup explains every mark.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. EURUSD leads with 6 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

USDCHF · 116-pip reversal. The trap printed the high of the week at 0.83822 on Thursday 02:30 New York, and the reversal ran 116 pips to 0.82660 by Friday. 3 of 4 textbook checks held; the miss: the high of the week came Thursday, not Tuesday or Wednesday.

GBPUSD · 130-pip reversal. The trap printed the high of the week at 1.33109 on Wednesday 08:30 New York, and the reversal ran 130 pips to 1.31805 by Thursday. 4 of 5 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

USDJPY · 208-pip reversal. The trap printed the low of the week at 156.377 in Wednesday's session (Tuesday 22:15 New York), and the reversal ran 208 pips to 158.454 by Thursday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

No weekly cycle chart for EURUSD, AUDUSD, USDCAD, NZDUSD and Gold (XAUUSD): those markets did not make a midweek high or low and then reverse by at least 1.25 average daily ranges.

Setup of the week: EURUSD M formation, 30 September 2026

EURUSD spent the Asian session in a 28-pip range between 1.13288 and 1.13572. London then broke the high of that range by 7 pips, to 1.13639 at 06:00 New York: the breakout the crowd buys. Price pulled back to a neckline at 1.13483, then ran a second leg to 1.13803 at 08:30 New York, 16 pips past the first leg and 6 pips through Tuesday's high (1.13740). That second leg is the stop hunt. It took the stops resting above the first leg and trapped everyone who bought the new high. From there price reversed 58 pips to 1.13222 in 7h 15m, through the whole Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Sellers' stops above the Asian high, 1.13572: taken by the first leg.
• New stops above the first leg, 1.13639: taken by the second leg.
• Stops above Tuesday's high, 1.13740: taken by the second leg.
• Buyers' stops below the neckline, 1.13483: taken as the reversal broke it.
• Buyers' stops below the Asian low, 1.13288: taken as the reversal cleared the range.

The trade. The method sells against the breakout, on the second leg at the high of the day (1.13803). The stricter trigger, the first 15-minute close back inside, came with 17 pips of risk to the extreme and 41 pips to the low of the day, about 1 to 2.4. The method skips anything under 1 to 3, so from that trigger this one does not qualify. These numbers are measured after the fact from 15-minute candles.

Confirmations: 6 of 8. It had a clear Asian range, a second-leg stop hunt, a hunt at a session open, the previous day's level taken, high-impact news in sync and a Tuesday or Wednesday date. Missing: the high or low of the week and induction from the week's open. The high has held so far.

The rules for this pattern are in How to Read a Forex Chart Markup. For the same M formation on EURUSD, see NFP stop hunt, week of 1 June 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Monday · USDJPY · London stop hunt (108 pips). London took the stops below the Asian low at 156.506 (04:15 New York, 43 pips through Friday's low); price reversed 108 pips, back inside the Asian range. Confluence 4 of 8. Its low became the target of the weekly trap.

Tuesday · USDJPY · Both sides hunted (73 pips). London took the stops above the Asian high at 157.714 (06:00 New York); price reversed 73 pips, through the whole Asian range. Then the other side was hunted at 08:00 New York, 22 pips under the Asian low. Confluence 2 of 8. Thursday traded back through it.

Wednesday · GBPUSD · M formation (56 pips). The second leg took the stops above the first leg at 1.33109 (08:30 New York); price reversed 56 pips, back inside the Asian range. Confluence 6 of 8. It was the high of the week.

Wednesday · NZDUSD · New York stop hunt (34 pips). New York took the stops above the Asian high at 0.56640 (08:30 New York); price reversed 34 pips, through the whole Asian range. Confluence 3 of 8. The high has held so far.

Wednesday · USDCAD · New York stop hunt (83 pips). New York took the stops below the Asian low at 1.41541 (08:30 New York, 6 pips through Tuesday's low); price reversed 83 pips, through the whole Asian range. Confluence 5 of 8. The low has held so far.

Wednesday · USDCHF · W formation (41 pips). The second leg took the stops below the first leg at 0.83206 (08:30 New York); price reversed 41 pips, through the whole Asian range. Confluence 5 of 8. Thursday traded back through it.

Wednesday · Gold (XAUUSD) · M formation (72 pips). The second leg took the stops above the first leg at 4219.19 (08:30 New York); price reversed 72 pips, through the whole Asian range. Confluence 5 of 8. The high has held so far.

Thursday · USDCAD · M formation (43 pips). The second leg took the stops above the first leg at 1.42623 (11:30 New York); price reversed 43 pips, back inside the Asian range. Confluence 3 of 8. It was the high of the week.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Monday · EURUSD · W formation (35 pips). The second leg took the stops below the first leg at 1.13531 (10:45 New York); price reversed 35 pips, back inside the Asian range. Confluence 4 of 8. Tuesday traded back through it.

Monday · AUDUSD · New York stop hunt (24 pips). New York took the stops above the Asian high at 0.70390 (12:15 New York); price reversed 24 pips, back inside the Asian range. Confluence 2 of 8. It was the high of the week.

Monday · NZDUSD · New York stop hunt (23 pips). New York took the stops above the Asian high at 0.56871 (12:15 New York, 10 pips through Friday's high); price reversed 23 pips, back inside the Asian range. Confluence 4 of 8. It was the high of the week.

Tuesday · USDCAD · London stop hunt (26 pips). London took the stops above the Asian high at 1.42013 (06:15 New York); price reversed 26 pips, back inside the Asian range. Confluence 2 of 8. Wednesday traded back through it.

Tuesday · GBPUSD · W formation (32 pips). The second leg took the stops below the first leg at 1.32020 (11:15 New York); price reversed 32 pips, back inside the Asian range. Confluence 4 of 8. Thursday traded back through it.

Tuesday · NZDUSD · W formation (21 pips). The second leg took the stops below the first leg at 0.56257 (12:45 New York); price reversed 21 pips, back inside the Asian range. Confluence 3 of 8. Thursday traded back through it.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 2 setups, best 6 of 8 (Wednesday, M off the high). No midweek reversal.

GBPUSD. 2 setups, best 6 of 8 (Wednesday, M off the high).

USDJPY. 3 setups, best 4 of 8 (Monday, London stop hunt at the low).

USDCHF. 1 setup, best 5 of 8 (Wednesday, W off the low).

AUDUSD. 1 setup, best 2 of 8 (Monday, New York stop hunt at the high). No midweek reversal.

USDCAD. 3 setups, best 5 of 8 (Wednesday, New York stop hunt at the low). No midweek reversal.

NZDUSD. 3 setups, best 4 of 8 (Monday, New York stop hunt at the high). No midweek reversal.

Gold (XAUUSD). 1 setup, best 5 of 8 (Wednesday, M off the high). No midweek reversal.

What this week teaches about reverse price action

Six charts, one candle, one release. Tuesday's high on EURUSD was the obvious place for sellers to hide their stops, and the obvious trigger for breakout buyers. The data release brought both groups into the market in the same minute: stops were bought, breakout orders were filled, and there was nobody left to push higher. That is how we know where the orders are without seeing an order book. Retail education puts them in the same place every time.

On the news itself: the event gives the crowd its reason, and the chart shows where the orders already were.

Frequently asked questions

What was the best forex setup in the week of 28 September 2026?

By confluence, EURUSD on Wednesday: an M off the high that scored 6 of 8. It moved 58 pips that day and 165 on the week. The high has held so far.

Was there a midweek reversal in the week of 28 September 2026?

Yes, on 3 of the 8 markets we track: GBPUSD, USDJPY and USDCHF. The largest was USDCHF, 116 pips from the high of the week at 0.83822.

What is an M formation in forex?

An M formation is a reversal at a high. Price breaks above the Asian range (the first leg), pulls back to a neckline, then makes a second leg slightly above the first. That second leg takes the stops above the first high and traps breakout buyers. The method only trades an M off the high of the day.

Why do stop hunts happen on news releases?

A scheduled release brings the most orders into the market at a known minute. Price is often already sitting next to a level with stops behind it, and the release supplies the volume to take them. The timing of the event matters more than the number.

Related chart markups

• Previous week: USDCHF stop hunt, week of 21 September 2026
• NFP stop hunt, week of 1 June 2026: the same M formation on EURUSD
• FOMC stop hunt, week of 14 September 2026: another M formation, on Gold (XAUUSD)
• GBPUSD M formation, week of 10 August 2026: another M formation, on GBPUSD
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: Forex Factory. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.