Hi Traders, the EUR/USD has reached the 78.6% Fibonacci level which is most likely a bullish reversal spot for a wave C towards 1.1750. The GBP/USD made a bearish reversal at 1.30 and could see a bearish ABC back to the 50% Fib which in turn is a bullish reversal spot. Do you want to leave your feedback? Please write a review on Forex Peace Army.
The EUR/USD needs to break above the resistance levels oat 1.14 and 1.1425 to confirm the bullish reversal and continuation higher. A break below 1.1265 with a bearish daily candle would invalidate the upside.
The GBP/USD could build two head and shoulders reversal chart pattern, one for a bearish reversal and one for a bullish reversal.
Check out the video below for the full analysis and trade plans on 20-21 Jan 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