The EUR/USD bounced at the 1.1730 support zone and is now testing the key decision zone again for a potential bullish bounce. The outlook remains bullish above 1.1720. The GBP/USD is looking more bearish after bouncing at the 50% Fib although price action needs to confirm the next swing. Check out our education & research page at ECS.
EUR/USD looks ready for a bullish continuation if price is able to break above the 1.1750 resistance. A bearish break below 1.1720 makes a bullish scenario less likely and could lead to a larger bearish ABC correction.
GBP/USD made a bearish bounce at the 50% Fibonacci retracement level but price action remains in a difficult spot. A bullish breakout remains risky due to the potential for a false break. Price would need to show a clear break, pullback and continuation pattern before any direction becomes clear.
Check out the video for the full analysis and trade plans on 25-26 September 2018:
- 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
See the video below for all of the details