EUR/USD made a bearish decline after Friday’s positive NFP figures but price was unable to break below the 88.6% Fibonacci retracement level. The GBP/USD did break below 1.25 support and is looking for a bearish continuation towards the daily support at 1.24.
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The EUR/USD needs to break below the support at 1.1180 to confirm the downtrend whereas a bullish breakout above the 21 ema zone on the 4 hour and Friday’s daily candle high at 1.1288 could indicate a bullish reversal at the 88.6% Fibonacci level.
The GBP/USD is expecting a bullish corrective wave 4 pattern. The 23.6%, 38.2%, and 50% Fibonacci retracement levels could act as resistance for a downtrend continuation.
Check out the video below for the full analysis and trade plans on 7-8 July 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: