The EUR/USD made a bullish break above the falling wedge reversal chart pattern. Price also completed 5 bullish waves on 1 hour chart and seems to be ready for a bullish wave C after price completes a bearish ABC pattern. The GBP/USD is also showing strong bullish momentum and a potential for a bullish ABC zigzag pattern. Check out our ultimate Support & Resistance guide.
The EUR/USD will probably build a bearish zigzag at the head and shoulders level around 1.1425 back towards the -27.2% and -61.8% Fibonacci targets, which in turn could be a key support and bouncing zone for a bullish reversal.
The GBP/USD is expected to complete a bullish ABC pattern which could take price back up towards the -61.8% Fib target at 1.3250.
Check out the video below for the full analysis and trade plans on 4-5 Nov 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: