The EUR/USD is making a potential double bottom at the 1.13 support zone. A bullish breakout is best traded after the pullback and aiming for a target at 1.15. The GBP/USD is showing aggressive bullish price action too after hitting the bearish target at 1.27. This is probably part of a bullish ABC pattern, although the 1.29-1.30 resistance levels are key for a potential bearish wave 4 too. Check out our premium offer when trading with XM via ECS.
The EUR/USD will need to break above 1.15 and 1.1625 before a larger bullish ABC zigzag pattern becomes more likely. A break below 1.13 could start a new downtrend.
The GBP/USD would need to create a triangle chart pattern before the odds of a wave 4 and downtrend increase. At the moment a bullish ABC pattern is likely.
Check out the video below for the full analysis and trade plans on 1-3 Nov 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
EUR/USD, GBP/USD video: