The EUR/USD made an inside candle after a strong bullish daily candle. The daily HMA remains bullish too and price seems to be finding a bullish path. However, price action remains choppy and corrective and a bullish or bearish breakout is needed. The GBP/USD remains corrective too despite the downtrend. Bullish reversal signals could be taking place such as a falling wedge and an inverted head and shoulders pattern.
The EUR/USD seems ready for a bullish breakout towards 1.18-1.1850 but a failure to break above the weekly pivot point and 21 ema zone could leave the pair vulnerable for a sideways correction or bearish breakout.
The GBP/USD is also in danger of building a larger bullish correction despite the downtred. Just like the EUR/USD, the resistance and support trend trend lines remain key for a breakout.
Check out the video for the full analysis and trade plans on 3-4 July 2018:
Good trading,
Chris Svorcik
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