the EUR/USD showed a strong wick at the bottom of the weekly candle. A retracement to 1.12 could take place first before price moves to 1.10 within the downtrend. The GBP/USD downtrend remains strong and a continuation is likely to aim at 1.20 after a decent pullback.
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The EUR/USD needs to break below 1.10 before a larger bearish continuation is likely.
The GBP/USD has reached Wizz level 9 and needs a bullish retracement before a downtrend setup is ready.
Check out the video below for the full analysis and trade plans on 4-7 August 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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