The EUR/USD is testing a key resistance zone at 1.1550 which will determine whether price will continue with the downtrend or build a bullish correction. The GBP/USD showed a strong bullish bounce at the support zone and is ready to test the previous top.Check out our education & research page at ECS.
EUR/USD break above 1.1550 could start a bullish correction back to 1.1730 whereas a bearish break aims for a continuation towards 1.1440, 1.13, and even perhaps as low as 1.1060.
GBP/USD needs to break the key support trend line to confirm a downtrend a potential start of bearish wave 5 whereas a bullish breakout above the previous top indicates a larger bullish correction.
Check out the video for the full analysis and trade plans on 7-8 Oct 2018:
- 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
See the video below for all of the details