the EUR/USD indeed bounced at the 1.1725 support zone and then broke above the resistance trend line for an uptrend continuation. We analyse how far price is expected to move before reaching critical resistance. The most likely targets are 1.1920 and 1.20 which is where price could move down lower again within a larger bearish ABC.
The GBP/USD has reached the top of the resistance zone at 1.33, which is a key decision zone for the Cable. A bearish bounce could indicate that price will move back to the bottom of the range whereas a bullish breakout could indicate a new uptrend.
Check out the video for the full analysis and trade plans on 23-24 November 2017:
- 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