The EUR/USD is breaking above the 21 ema zone of the 4 hour chart for the 2nd time, which is increasing the chances of a bullish breakout and reversal towards the targets at 1.1550-1.1650-1.1725. The GBP/USD challenged the 1.27 support zone but did not break below it as yet. A bullish reversal would confirm the larger triangle chart pattern on the daily chart. Write a review on Forex Peace Army and help ECS.
The EUR/USD is expected to build a bullish ABC zigzag pattern but a break above the 21 ema zone of the daily chart is still needed to confirm the reversal pattern. The current bullish price action could be a bullish wave 3 of wave C.
The GBP/USD needs to show a strong bearish daily candle below 1.27 otherwise the triangle pattern and consolidation pattern still remain most likely. A bullish breakout above the 21 ema zone could start a bullish ABC zigzag pattern.
Check out the video below for the full analysis and trade plans on 4-5 Dec 2018:
- 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: