Hi Traders, the EUR/USD is testing last week’s weekly low and the 78.6-88.6% Fibonacci retracement levels. The GBP/USD also needs to either bounce or break the previous bottom at 1.26 before a clear direction is possible.
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The EUR/USD is showing strong bearish momentum but a bullish bounce is still the most likely scenario unless price clearly breaks the double bottom pattern at 1.1108.
The GBP/USD is also likely to build a triangle chart pattern unless price breaks below the 1.26 support zone.
Check out the video below for the full analysis and trade plans on 30-31 May 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:
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