The EUR/USD made a strong reversal after hitting double top. The bearish momentum is indicating a high chance that price will make a larger bearish ABC correction back to the previous support levels at 1.2250. The bearish retracement will probably end there and see the larger uptrend continue towards 1.27.
The GBP/USD is also building a bearish correction but price is not moving lower as impulsively. This makes it more likely that price is building a mild bearish correction rather than a larger retracement. It seems likely that the GU will continue with its bullish momentum towards the previous high/top.
Check out the video for the full analysis and trade plans on 18-19 February 2018:
- EUR/USD, GBP/USD 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