Hi Traders, the EUR/USD is moving sideways in a tight range, which could become a contracting triangle pattern unless price breaks on the daily chart above 1.12-1.1250 or below 1.1150-80. The GBP/USD is building a bearflag continuation chart pattern as long as price stays below the 1.3050 resistance zone and if price can break below 1.2990.
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The EUR/USD bullish breakout could aim for the 1.13-1.1325 target zone which is the resistance trend line of a falling wedge chart pattern. A bearish breakout on the daily chart is aiming at first for the 1.11 area.
The GBP/USD remains choppy and corrective too but a bearish breakout below the flag is likely to aim for the 1.2925 support zone.
Check out the video below for the full analysis and trade plans on 11-13 May 2019:
- 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: