The EUR/USD downtrend is testing the key support zone at 1.1250-1.13, which is a bounce or break spot. A bullish bounce and wave C is still more likely and the key breakout is above the 21 ema zone and resistance lines. The GBP/USD moved up a lot and is likely to build an ABC zigzag or triangle chart pattern. Check out our ultimate Support & Resistance guide.
The EUR/USD bearish breakout below the support zone is confirmed with a daily candle closes below the 1.13 level. Otherwise price might make a tripple bottom and a bullish reversal which would aim for the 50-61.8% Fib zones around 1.1930-1.2075.
The GBP/USD is also in a downtrend but recent price action is making a triangle pattern more likely unless price manages to show strong bearish candles on the daily chart.
Check out the video below for the full analysis and trade plans on 11-12 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: