Hi Traders, the EUR/USD seems finally ready for a bearish breakout towards 1.11 and 1.1050 whereas the GBP/USD downtrend remains strong and could offer potential setups on the 15min time frame.
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The EUR/USD bearish breakout needs a candlestick confirmation on the 4 hour chart before a continuation lower becomes likely. A bullish bounce could send price back to the test the 50% Fibonacci level of wave E.
The GBP/USD downtrend is aiming for the next targets at 1.25 and 1.2425 but the best approach could be to wait for a new chart pattern before trading the bearish impulse.
Check out the video below for the full analysis and trade plans on 23-24 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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