In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the April 20th session.
EUR/USD — As you can see, we broke above the 1.0750 level, which is an area that has caused quite a bit of resistance. If we can break above the top of the candle though, I think the market should then go to 1.09 handle. Short-term pullbacks should be buying opportunities, unless of course we break down below the 1.07 level which would be a bit negative.
GBP/USD — We continue to kind of grind sideways and consolidating after the impulsive move. I think that the 1.2750 level, which was previous resistance should now be supportive and the fact that we are above the 200-day Exponential Moving Average does not exactly hurt either. I suspect we are going to consolidate, maybe form a flag or a pennant or just a rectangle here and then eventually breakout to the upside. I am bullish and I have no interest in shorting anytime soon.
© Prabhu for Forex Videos, 2017. |
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Post tags: EUR/USD, GBP/USD, technical analysis
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