the EUR/USD is moving lower but the wave structure seems to favour a larger bullish wave C unless price clearly breaks below the double bottom and support at 1.11. The GBP/USD is back in the downtrend after a head and shoulders reversal chart pattern and break below the 21 ema zone.
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The EUR/USD bullish wave C would likely complete a bearish wave B at around 1.15, which could restart again a new downtrend on the EUR/USD unless price breaks below the 1.11
The GBP/USD downtrend needs to break below the 1.26 support which would then aim at the previous bottom at 1.25.
Check out the video below for the full analysis and trade plans on 16-17 June 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: