the EUR/USD is building a sideways correction after a bullish 5 wave pattern and more upside is expected. The GBP/USD seems ready for a bearish ABC within a larger bullish ABC pattern.
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The EUR/USD is expected to move up towards 1.1325, which is the next key resistance level if price is in a wave C. With a wave 3, however, price can potentially even reach the target zone around 1.1450-1.15.
The GBP/USD is likely to move up again after it completes a bearish ABC. The bullish wave C is expected to test the 1.26-1.2625 target zone.
Check out the video below for the full analysis and trade plans on 16-17 July 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:
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