In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the April 20th session.
EUR/USD — The trading session was slightly bullish for the euro. A break below the recent lows will see the market reaching towards the lows at 1.05. The market is trading inside this large downtrend. The market has also been very choppy lately. The 50-day EMA above and the 1.10 level will offer strong resistance. So, you can expect rallies to be faded, and sold on signs of exhaustion.
GBP/USD — The pound rallied and gave back some of the gains on Friday session. This is the market that looks confused at the moment,. There is a confluence of support at the 1.25 level, where the 61.8% Fib level, and the 50-day EMA also align. To the downside, the 1.20 level looks more likely. You need to see a candle close above the 200-day EMA to see a strong move to the upside.
© Prabhu for Forex Videos, 2020. |
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Post tags: EUR/USD, GBP/USD, technical analysis
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