The EUR/USD bounced around the 1.13 support zone as expected and has made a bullish engulfing twin candlestick pattern on the daily chart. More bullishness could take place after a pullback. The GBP/USD also showed a bullish reversal at the bottom of the triangle pattern. Write a review on Forex Peace Army and help ECS.
The EUR/USD broke above the 21 ema zone of the 4 hour chart after showing strong bullish momentum at the 1.13 support zone. Price has perhaps completed a 5 wave pattern on the 1 hour and could make an ABC retracement back into the 21 ema zone which will probably act as a bouncing spot for more upside.
The GBP/USD is also expected to expand its bullish correction up to the round level of 1.30. The GU could also make a bullish bounce after making a bearish retracement.
Check out the video below for the full analysis and trade plans on 29-30 Nov 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
EUR/USD, GBP/USD video: