? EUR/USD, GBP/USD Analysis & Setups 19-20 August ’18 ?

August 19, 2018

2 min read

The EUR/USD is building a bullish retracement and could aim at 1.12 if price stays below the resistance zone at 1.15. The GBP/USD is probably building a wave 4 and a bearish breakout could confirm the wave 5 which is aiming at 1.2560.

EUR/USD is showing strong bullish price action and a bullish weekly pinbar candlestick pattern but the swing is probably a retracement for more downside. At the moment price seems to be building a bullish ABC zigzag pattern and a break below the 21 ema zone on the 1 and 4 hour charts could confirm a continuation towards 1.12. A break above the resistance zone at 1.15 however with a clear 5 wave pattern could indicate a bigger bullish reversal towards 1.18.-1.19.

GBP/USD bullish price action is moving up choppy and corrective compared to the EUR/USD and seems to be a typical wave 4. A break below the EMA zones could indicate a bearish continuation towards the wizz and Fibonacci targets at 1.2560. A break above 1.2940-50 would invalidate the expected downtrend continuation.

Check out the video for the full analysis and trade plans on 19-20 August 2018: