Hi Traders, the EUR/USD is again trying to break below the key support zone at 1.1250. The success of the breakout depends on the reaction of the bullish pullback as price approaches key resistance at 1.13. The GBP/USD made a bearish bounce at the 21 ema zone and is now testing the 50% Fib again. Do you want to leave your feedback? Please write a review on Forex Peace Army. Ps. do not forget to check out our upcoming 4x Forex seminars on trading in Europe!
The EUR/USD bearish break below 1.1250 could indicate a bearish wave 3 whereas a break above 1.1340 makes a completed bearish ABC pattern more likely.
The GBP/USD needs to break below the 50% Fibonacci and support trend line before a move lower towards the 61.8% Fibonacci level becomes possible. A bullish breakout is only interesting if price manages to break above the 21 ema for the second time.
Check out the video below for the full analysis and trade plans on 14 – 16 Feb 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: