Hi Traders, the EUR/USD and GBP/USD both showed strong bullish daily candles on Friday. Chris discusses how both pairs are likely to continue higher next week and how he will tackle potential trade setups.
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The EUR/USD showed a big wick at the bottom of Friday’s daily candle despite the bullish data from the US. The downtrend is only likely if price is able to break below the 1.1140-1.1175 support zone. Otherwise a bullish continuation towards 1.13 is likely.
The GBP/USD bull run is even stronger and price will probably aim for 1.3250 once it builds a bull flag or triange chart pattern. The 1.3250 area is a major resistance spot due to the potential head and shoulders reversal chart pattern.
Check out the video below for the full analysis and trade plans on 5-6 May 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: