the EUR/USD is building a larger bullish retracement but now price action is approaching the key decision zone at 1.10. The GBP/USD is showing strong buying pressure, which should create a bullish breakout above the 1.2325 resistance level.
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The EUR/USD downtrend remains active as long as price stays below the 1.1025 resistance level. A bullish break above that indicates a potential reversal. For the moment, bullish price action is likely to test the 1.10 round level.
The GBP/USD completed a bearish ABC pattern at the 61.8% Fibonacci retracement level. Now price is trying to make a bullish reversal towards the 1.2390-1.2440 targets.
Check out the video below for the full analysis and trade plans on 3-4 October 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: