In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the April 17th session.
EUR/USD — The euro was trading bearish on Thursday session and broke below the bottom of the candlestick from Wednesday session. This market continues to experience selling pressure trading within this large downtrend. This market has been very choppy lately. To the upside, the 50-day EMA will offer strong resistance. So, this market could slowly grind its way down. So, find exhaustion, and sell the rallies at the moment.
GBP/USD — The trading session was initially bearish and then showed signs of support. Though the pair looks bearish at the moment, there exists noise below that makes it difficult to sell. The Coronavirus situation is affecting ther British economy at the moment. You need to wait for a candle close above the 200-day EMA to feel comfortable buying the pound.
© Prabhu for Forex Videos, 2020. |
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