Hi Traders, the EUR/USD made a bullish reversal at the 88.6% Fib support and is now likely to aim at the round level of 1.1250. The GBP/USD downtrend will probably see a bullish pullback towards 1.27-1.2775 first before the bears regain control.
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The EUR/USD bullish reversal might be able to move up higher if price is above the break above the round level at 1.1250 and the 144 ema of the daily chart at 1.1325. a daily candle break below the double bottom pattern at 1.1118 could indicate an immediate downtrend continuation instead.
The GBP/USD is in a very strong downtrend and is expected to continue lower several times. The bullish pinbar candlestick pattern on the daily chart however could indicate a pullback first. The main target is the round level at 1.25.
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- 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: