The EUR/USD is testing a key support zone, which is decisive decision zone. A bullish break above the local resistance at 1.2350 could restart the uptrend and send the EUR/USD higher to test the resistance level at 1.2475-1.25. This bullish breakout could occur on the 4 hour chart whereas a daily breakout below 1.22 is needed for a bearish trend.
The GBP/USD is in a triangle pattern on the 4 hour chart marked by clear support and resistance trend lines, although the daily chart is still in a bullish trend. Chris is looking for bullish breakout on a 4 hour chart but a bearish breakout on the daily chart.
The GBP/JPY is testing a key support zone. The currency pair could be offer interesting setups in the near future once the correction is completed. A bullish bounce seems most likely unless a bearish candle breaks and closes below support.
Check out the video for the full analysis and trade plans on 27-28 February 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