Hi Traders, the EUR/USD is expanding the corrective zone as long as price stays above the key support zone at 1.1225. A bullish reversal could take place around 1.1250 whereas a beark below 1.1225 can start a downtrend. The GBP/USD downtrend is stronger but price action is vulnerable to Brexit news. A break below the support trend line indicates a bearish breakout whereas a break above 1.27 could start a reversal. Write a review on Forex Peace Army and support ECS.
The EUR/USD remains choppy and corrective but a break below 1.1225 indicates the potential for a new downtrend and aims at 1.1125 and 1.10. A bullish bounce at 1.1250 could indicate a rally towards the resistance zone at 1.14-1.1450 but a bullish breakout above last week’s high is needed before a larger reversal can take place.
The GBP/USD downtrend has reached a trending part of the chart because price has broken and pulled away from the long-term moving average. The bears could see a strong continuation if price manages to break the support trend line.
Check out the video below for the full analysis and trade plans on 16-17 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:
Good trading, Chris Svorcik Elite CurrenSea