Just a quick overview of the Technical Analysis setup on the EURUSD and the GBPUSD. As always we try to provide you with the very best free Forex technical analysis!
What do you think of the EURUSD and GBPUSD? Please let us know down below in the comments section!
The EURUSD is in an up trend when looking at recent price action.
However, it is important to note that the upside has bumped into major resistance at the 500 Fib level (of the entire down move), which is evident from the major wick on top of the weekly candle.
Despite that selling pressure I am still bullish as the currency is in an uptrend and will only change views when the bottom at 1.2950 is broken.
The GBPUSD has in a similar situation as the EURUSD.
It too is in a up trend. However, the currency is very close to the top of an upward trend channel. Most probably the space for upside movement is limited. This could impact the currency and make it either go sideways, or inch forward slowly.
A bigger retrace back to the 500 Fib before moving up is another possibility.
This time around an article with not too many words! 😉 I thought I would spare you the reading headache 😀
Still hope you enjoyed this Free Forex Technical Analysis! Let me know down below what your questions are for these currencies!
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