the EUR/USD is in a range and needs to break below 1.12 or above 1.1280 before a new trend could emerge. The GBP/USD is showing strong impulse but needs to confirm a 5 wave pattern if a larger reversal could take place.
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The EUR/USD has bounced 4x in a row at the 88.6% Fibonacci retracement support level. A break below 1.12 could indicate downside pressure towards the double bottom but the patterns on the higher time frame are favoring a larger bullish retracement.
The GBP/USD direction depends on the wave patterns on the 1 hour chart and the price action at the resistance levels around 1.26 and 1.2750. A break above the 50% Fib could indicate a false bearish breakout and a larger bullish wave C. Otherwise price could be in a corrective wave 4 and ready for more downside.
Check out the video below for the full analysis and trade plans on 21-22 July 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: