EUR/USD and GBP/USD Forecast January 21, 2019

The Euro has initially tried to rally during the trading session on Friday, after we formed a couple of hammers. However, we broke through those hammers during the trading session on Friday, which of course is a very sign. Nonetheless, I still see significant support underneath than we have not change the fact that we were forming a bit of a “rounded bottom.” That is a very bullish sign, because it typically means that you are changing the overall trend. It’s a slow-moving pattern though, so I would not expect an explosive move to the upside, rather you will probably see some type of grind higher more than anything else. If we rally from here, I think that the market will probably go looking towards the 1.1450 level. If we were to turn around and break down below the 1.13 level, then we could see the market drop even further.

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