EUR/USD, GBP/USD Bullish Breakout ? Offers Limited Space ?

Dear Traders,

the EUR/USD is probably building an expanded correction within wave 2. A bullish breakout above 1.18 seems likely but price will probably fail to break above the bigger resistance trend line at 1.19. A bearish reversal at 1.19 could see price fall again to test the key support zone at 1.16-1.17.

The GBP/USD failed to break below the confluence of support levels, which means that it could now bounce again towards the resistance zone at 1.35. A bearish breakout could see price fall towards 1.3250 whereas a bullish break above the short-term moving averages could confirm the bullish breakout within the larger range.

Check out the video for the full analysis and trade plans on 12 – 13 December 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

See the video below for all of the details

Good trading,

Chris Svorcik

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