Hi Traders, EUR/USD showed a strong bearish rejection at the 1.13 resistance zone and is expected to move lower as long as price does not close above 1.1325. The GBP/USD also seems to have completed a bullish wave 4, which could indicate a restart of the downtrend.
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The EUR/USD made a final push higher from 1.1250 to 1.13 before showing an impulsive bearish reversal. Price is now likely to build a head and shoulders reversal chart pattern.
The GBP/USD showed bearish engulfing candlestick pattern on the 4 hour chart which is likely to start a downtrend. Even if price moves up higher, then price is likely to face strong resistance at 1.2775-1.28.
Check out the video below for the full analysis and trade plans on 6-7 June 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: