Hi Traders, the EUR/USD made a bullish bounce at the 61.8% Fibonacci level which is confirming a triangle chart pattern. The GBP/USD had another bearish break and is in a strong downtrend.
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The EUR/USD seems ready to build a bullish ABC pattern, which could complete a wave E of a the triangle pattern. A bearish breakout below the support trend line could confirm the downtrend continuation whereas a break above the 1.1250 resistance zone could indicate a bullish move up to 1.13-1.1350.
The GBP/USD bearish momentum remains strong and could be aiming for the 1.2750 round level. So far multiple bear flags have broken south.
Check out the video below for the full analysis and trade plans on 16-17 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:
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