The EUR/USD is building a bearish reversal. What is the main target for the downside? The GBP/USD also seems to be completing a wave 5 of wave 5 and a larger ABC pattern could take place.

The EUR/USD has broken the below the rising wedge chart pattern. A larger bearish retracement is expected after price action retests the resistance zone.

The GBP/USD is also expected to test the resistance trend line, which could offer a decent space down to the targets.

Check out the video below for the full analysis and trade plans on 11 – 12 Jan 2021: 

• EUR/USD, GBP/USD technical analysis
• Review of 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

Video Length: 00:08:04