the EUR/USD is testing the support channel which could be a bullish retracement for more upside after the previous breakout. The GBP/USD break below the support of the correction after the Brexit vote in the UK was postponed. Write a review on Forex Peace Army and support ECS.
The EUR/USD managed to break above the 21 ema zone on the 4 hour chart but not the daily chart. A bullish continuation can be reconfirmed once the daily candle closes above the 1.14 resistance zone. The bullish reversal seems a little bit more likely than the bearish trend due to the price patterns. Plus there is also more space to the bullish targets.
The GBP/USD finally broke the choppy, corrective zone after Brexit news hit the headlines. The GBP weakness kicked in and the GBP/USD went down and hit the round level of 1.25. The Brexit news makes trading the GBP risky but the strong bearish impulse would usually indicate more downside.
Check out the video below for the full analysis and trade plans on 11-12 Dec 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:
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