Hi Traders, the EUR/USD is trying to make a bearish breakout but price remains choppy. The GBP/USD, however, is showing massive bearish momentum and has offered 5 breakouts below patterns on the 1 hour chart. Now it’s time for a larger pullback on the 4 hour chart to the 1.2750-1.28 resistance zone.
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The EUR/USD could complete the triangle pattern if price is able to break below the 1.1130 bottom, otherwise an expansion of the pattern remains possible.
The GBP/USD is aiming for 1.2650 after price has managed to make a decent retracement. Price could even extend towards the Wizz level 6 at 1.2425 but only after price makes a pullback to the 21 ema zone on the 4 hour chart.
Check out the video below for the full analysis and trade plans on 19-20 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: