Hi Traders, the US Dollar strength failed to continue and both EUR/USD and GBP/USD made strong gains despite the USD bullish break. The EUR/USD however is showing a reversal daily candlestick and could break lower.
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The EUR/USD break below the 21 ema low could confirm the downtrend continuation towards 1.11 and 1.10. However, a bullish break above 1.1275 would invalidate the bearish breakout and could indicate a reversal.
The GBP/USD upside is even stronger than the EUR/USD. Chris will keep an eye on the daily chart for a breakout below 1.2975 to confirm a bearish setup whereas the weekly candle is the best confirmation for an upside continuation.
Check out the video below for the full analysis and trade plans on 2-3 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: