the EUR/USD is showing bullish momentum again which is the 7th attempt to break the daily consolidation zone. Will the breakout succeed and start a 123 wave or ultimately fail again? The GBP/USD is in a strong uptrend but will need to retrace first before new setups arrive.
The EUR/USD is breaking above the 21 ema of the daily chart again… the bullish break could finally start bullish wave 5 but it will depend whether price is able to break above the 1.2450-1.25 resistance zone. A bullish breakout could confirm the bullish continuation whereas a failure could start a larger bearish correction towards 1.22 within wave 4.
The GBP/USD is showing very strong bullish momentum and a continuation of the uptrend remains possible… but a bearish retracement is needed first before any upside trade has a decent probability. A strong bearish impulse invalidates the upside.
Check out the video for the full analysis and trade plans on 17-18 April 2018:
- EUR/USD, GBP/USD technical analysis
- Review of patterns, trends, key S&R levels
- Explanation of potential trade ideas both up and down
- Beginner friendly, explaining concepts in more detail
See the video below for all of the details