The EUR/USD is looking for a bearish breakout below the 21 ema zone but price action will also need to break the channel bottom to confirm a wave 3. The GBP/USD is testing a key resistance zone.
The EUR/USD is either building a bearish ABC or 123 pattern and the 1.20 support zone will be critical for that decision.
The GBP/USD has many support and resistance levels closeby. A bounce setup seems to have the best odds.
Check out the video below for the full analysis and trade plans on 16 – 18 June 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: 00:07:44
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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