Hi Traders, the EUR/USD is moving sideways in a low volatile range and needs a breakout before a new trend might appear. The GBP/USD seems more interesting for a bearish breakout aiming at 1.2930 as long as price stays below 1.3050.
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The EUR/USD bullish breakout will aim first at the resistance zone at 1.1250-1.1275 with a second target at 1.13-1.1325 whereas a bearish breakout aims at 1.11, 1.1050 and 1.10. For the moment though price can go sideways and if price breaks up or down, keep an eye on flag chart patterns as a method to avoid false breakouts.
The GBP/USD made the bearish price swing as expected in the previous video and is now building a bear flag chart pattern, which indicates the potential for a downtrend continuation.
Check out the video below for the full analysis and trade plans on 9-10 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: