Hi Traders, the EUR/USD needs to break above 1.1325 or below 1.1150 before a trend is established. The GBP/USD bullish breakout remains questionable and needs a pullback first.
If you think our videos, analysis and education help you become a better trader, then we would certainly apprecaite your review on Forex Peace Army, thank you!
The EUR/USD is showing a bullish breakout on the 4 hour chart but price is running into resistance from the 144 ema close on both the 4 hour and daily charts. A larger trend is only possible if price breaks above major resistance or support zones mentioned in this video.
The GBP/USD is building a bullish bounce at the 21 ema zone of the 4 hour chart but a larger retracement is expected. If price manages to break above the 21 ema zone again, then a larger uptrend could finally start. A break below 1.30 could indicate a new downtrend.
Check out the video below for the full analysis and trade plans on 7-8 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: