The EUR/USD broke below the critical 1.15 support and could be building a bullish retracement for more downside – as long as price stays below 1.1525. The GBP/USD is in the same situation and offers a key resistance zone at the round level of 1.30. Check out our education & research page at ECS.
EUR/USD is in a downtrend and aiming for the next target at 1.1440. A break below this level could indicate even more bearishness whereas a break above 1.1525 and 1.16 changes the expected wave patterns.
GBP/USD also remains in a downtrend as long as price stays below 1.3025. A bullish break above this level could indicate a larger bullish ABC correction.
Check out the video for the full analysis and trade plans on 4-6 Oct 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