The EUR/USD is building an ABC correction in a wave 4 pattern. A breakout or bounce at the 38.2% Fibonacci level could confirm more upside. The GBP/USD made a double bottom at the double bottom but the resistance zone remains strong.
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EUR/USD & GBP/USD Overview
The EUR/USD bullish breakout could aim for the Fibonacci levels around 1.1975-1.2025. Here a bearish ABC pattern could emerge.
The GBP/USD needs a break above the 50% Fib at 1.3775 for a potential move upwards. A bearish bounce, however, could indicate a re-challenge of the double bottom.
Check out the video below for the full analysis and trade plans on 12 – 13 April 2021:
EUR/USD, GBP/USD technical analysis: patterns, trends, key S&R levels
- Explanation of potential trade ideas both up and down
- Beginner friendly, explaining concepts in more detail
EUR/USD & GBP/USD Video
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