Hi Traders, the EUR/USD is breaking above the key resistance level at 1.15 after a strong bulllish impulse. A continuation towards 1.1550-60 is now likely. The GBP/USD has completed a bearish ABC pattern in wave 4 and is now atttempting to break the resistance trend line. Do you want to leave your feedback? Please write a review on Forex Peace Army. Ps. do not forget to check out our upcoming 4x Forex seminars on trading in Europe!
The EUR/USD’s next decision zone is at 1.1560. A bullish breakout could indicate a impulsive wave 3 and a push higher towards 1.17 whereas a bearish reaction could indicate that a retracement lower will most likely take place first.
The GBP/USD bullish breakout will probably confirm the end of the wave 4 and the start of a wave 5. The GU however is likely to build a small bearish retracement first, right after the breakout.
Check out the video below for the full analysis and trade plans on 31 Jan – 2 Feb 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:
Good trading, Chris Svorcik Elite CurrenSea