Dear traders,
the EUR/USD, GBP/USD keep their strong bearish momentum and a bearish continuation next week seems likely. Chris shares his method for catching new short setups.
The EUR/USD broke below the psychological round support level at 1.20 and reached the -61.8% Fib target at 1.19 before making a bullish bounce. Any bullish retracement that stays below the 1.2050 resistance spot is probably a pullback within the downtrend. The bearish continuation is expected to take price down to 1.1750.
The GBP/USD is showing even stronger bearish momentum and a downtrend continuation is also likely as long as price stays below 1.3650. The Cable is aiming for a target at 1.34, which is the -27.2% Fib target of the weekly candle.
Check out the video for the full analysis and trade plans on 5-7 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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