In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the January 11th session.
EUR/USD — The euro showed weakness during the trading session on Friday. Looking at the weekly chart, you have a couple of shooting star candlesticks, which indicates that this market will likely pullback and build up enough momentum to break above the 1.23 level. The next target could be the 1.25 level. So, pullbacks are buying opportunities.
GBP/USD — The pound is showing a similar price action. Both the 1.35 level and the 50-day EMA could offer support. As you can see on the daily chart, the market has been trading inside this ascending price channel. This market could grind lower, find support, and then rally again.