the EUR/USD and GBP/USD are showing bullish price action, but the Euro remains trapped in a consolidation whereas the GBP could be building a bigger breakout.
The EUR/USD is unable to break away from the 21 ema band. Any breakout attempt has turned into a false break and this pattern is likely to continue for a while unless price manages to break above the bigger support at 1.22 or resistance at 1.25. For the moment a bearish ABC back to support is likely, followed by an uptrend continuation towards 1.2750.
GBP/USD uptrend remains intact due to its bullish bounce at the 1.40 support zone, where a confluence of support due to the round level, long-term moving average and 50% Fib occured. A bullish breakout could lead to potential long trade setups once price breaks, retraces and conitnues. Bearish setups are possible once price shows bullish failure via daily bearish candle patterns or a break below 1.40.
Check out the video for the full analysis and trade plans on 3-4 April 2018:
- EUR/USD, GBP/USD, GBP/JPY technical analysis
- Review of patterns, trends, key S&R levels
- Explanation of potentrial trade ideas both up and down
- Beginner friendly, explaining concepts in more detail
See the video below for all of the details