Hi Traders, EUR/USD is building a consolidation zone. A bearish ABC correction seems to be the dominant wave pattern, which could take price back down to 1.1225. The GBP/USD seems ready for a bullish ABC zigzag pattern after price completes a wave B retracement. Please write a review on Forex Peace Army. The EUR/USD made a strong decline and is likely to push lower towards the 78.6% Fibonacci retracement support zone, which in turn could create a larger bullish reversal back up towards 1.15 as long as price stays above the bottom at 1.1180.
The GBP/USD seems to be in a final wave 5 with an ending diagonal pattern taking place in a rising wedge reversal chart pattern.
Check out the video below for the full analysis and trade plans on 26 – 27 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