Both the EUR/USD and GBP/USD made a bearish breakout and bullish reversal as expected in last week’s video. Now both pairs are showing strong bullish price action, including a pinbar on the daily chart. A retracement, head and shoulders and continuation higher seems likey for the next trading week.
The EUR/USD seems to be showing a strong bullish reaction at the 1.16 support zone after completing a bearish ABC zigzag pattern. A bullish breakout is aiming for the previous top at 1.1850. The EUR/USD is vulnerable for more downside if price fails to break above the 21 ema resistance on the 4 hour chart.
The GBP/USD is showing a very strong bullish pinbar candlestick pattern on the daily chart. A retracement of the daily candle is possible but a larger bullish retracement is likely to test the 1.34 resistance zone.
Check out the video for the full analysis and trade plans on 14-16 July 2018: