Hi Traders, the EUR/USD made a larger bullish breakout above the resistance of the downtrend channel. Price could now be building a retracement but this depends on the price reaction at the 61.8% Fib around 1.14. The GBP/USD remains in a bull flag chart pattern and needs a break above or below it. Please write a review on Forex Peace Army. The EUR/USD breakout has confirmed a larger bullish reversal but the main question is whether price will be able to move up for one more higher high. A bullish bounce could aim for the 1.15 round level. Be careful of the EU summit today. The GBP/USD will be affected by the interest rate in the UK by the Bank of England. For the moment, price is building a bull flag chart pattern. A bullish break above 1.33 could see price move higher for a new high. A bearish break could see price drop towards the bottom of the rising wedge.
Check out the video below for the full analysis and trade plans on 21 – 23 Mar 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: