The EUR/USD broke below the key support zone around 1.1725 which is now creating a potential bearish ABC pattern towards the main target around 1.15. The GBP/USD is probably breaking the support line of the bear flag chart pattern for a bearish breakout and reversal. Check out our education & research page at ECS.
EUR/USD failed to break above the resistance after a 4 hour candle showed a huge wick and weak close near the low. The bears took control and broke below the critical support zone which seems to be a bearish breakout and reversal. The EUR/USD seems to be ready for an ABC pattern that could take price back to 1.15.
GBP/USD did not break above the bottom of wave 1 which means that a larger bearish reversal is still likely. Price is trying to break below the bullish channel for a bearish wave 5.
Check out the video for the full analysis and trade plans on 27-29 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