the EUR/USD is breaking below 1.12 support and the bearish impulse is expected to test the double bottom at 1.11. The GBP/USD is moving down fast too, but a larger bullish ABC is still likely.
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The EUR/USD bounce at the 1.11 double bottom could indicate a larger bullish C pattern whereas as a bearish breakout below 1.11 and 1.10 could indicate a new downtrend.
The GBP/USD is testing key Fibonacci support levels too. A break below the bottom also could indicate a downtrend but for the moment, a bullish retracement is likely to take place within wave 4.
Check out the video below for the full analysis and trade plans on 23-24 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:
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