EUR/USD is showing a double bottom after price failed to break below the 88.6% Fibonacci level. The next trend will depend on whether price builds a bear flag now or strong bullish momentum. The GBP/USD is building a corrective wave 4 that is expected to bounce at either the shallow 23.6% or 38.2% Fib levels.
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The EUR/USD is likely to continue lower and break below the bottom at 1.1180 if price manages to build a corrective chart pattern around the 1.12 zone. However, if strong bullish impulsive price action can push above the key resistance zone around 1.1275-1.13, then price is likely to build a bullish reversal.
The GBP/USD downtrend remains strong as long as price stays below the 38.2-50% Fibonacci resistance zone of wave 4 vs 3. A bearish bounce could indicate a downtrend continuation towards the previous daily support zone at around 1.2425.
Check out the video below for the full analysis and trade plans on 9-10 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: