Hi Traders, the EUR/USD bounced at the 88.6% Fibonacci support at 1.1150 but price is now approaching the zone again. The GBP/USD remains bearish and seems ready for an immediate bearish breakout. Eventually a bullish pullback to the 21 ema zone and downtrend continuation for a lower low is likely.
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The EUR/USD bearish breakout could indicate a downtrend whereas a bullish bounce makes an expansion of the wave E triangle more likely.
The GBP/USD 4 hour is extremely bearish and price is expected to reach the targets at 1.2650 and 1.25.
Check out the video below for the full analysis and trade plans on 21-22 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:
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