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 break below the bottom at 1.1175 could indicate a continuation of the downtrend on the daily chart but for the moment bullish candlestick pattterns at the deep 78.6% or 88.6% Fibonacci levels are possible.
The GBP/USD could make a bearish reversal if price is able to break below the 1.30 support zone. The GBP/USD however is likely to make a bullish bounce at the support zone if candlesticks can confirm it.
Check out the video below for the full analysis and trade plans on 28 – 29 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