EUR/USD Bearish Reversal ? But GBP/USD Retracement ?

2 min read

Dear Traders,

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.

We’d like to thank our friends from https://www.bestonlineforexbroker.com for helping with the idea for the trade.

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

See the video below for all of the details


Good trading,
Chris Svorcik

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