In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the September 13th session.
EUR/USD — At the moment, it looks like the bulls are trying to regain control the situation in the market and they are attempting to rally. A risk-on move in the market indicates the weakness of the US dollar. Looking at the daily chart, we can spot a bull flag pattern which has a measured target to the upside at 1.20. So, I like buying dips. The 1.15 level below looks supportive. Buying short-term dips is recommended for this market. The bulls attempted to break above the top of this shooting star. It looks like eventually the buyers will take control.
GBP/USD — This downtrend line that we see in the daily chart, is a major challenge that the bulls have to overcome. Also if this barrier is overcome, at around the 1.3125 level, then the outlook changes to bullish. This pair is constantly influenced by rumors surrounding the Brexit situation. Buying pullbacks is the way to play this market at the moment. Shorting is not recommended due to the near term bullish outlook.