the EUR/USD is testing the double bottom at 1.11. US interest rate cut could send the EUR/USD up although the charts look bearish from a technical point. The GBP/USD is in a strong bearish momentum and a downtrend continuation is likely after a bear flag chart pattern.
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The EUR/USD reaction to the 1.11 support zone will be critical for the next trend direction. Large US news events and summer time trading could limit the price movement at the beginning of the trading week.
The GBP/USD decline is aiming for targets at 1.2250-1.2325. The 2nd break below the daily support at 1.24 could indicate more downside but this will depend on Thursday’s interest rate decision in the UK.
Check out the video below for the full analysis and trade plans on 29-31 July 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
EUR/USD, GBP/USD video: