Dear traders,
the EUR/USD could be building 5 bullish waves which indicates the potential for a larger bullish retracement via an ABC pattern. The GBP/USD downtrend remains strong and could continue if price bounces at the 1.3380-1.3430 resistance zone.
The EUR/USD seems ready to build a bigger ABC retracement back to resistance Fibs at 1.19-1.20 IF price manages to stay above a key support zone at 1.15. The bullish retrace could offer trade setups if price shows bullish candlestick patterns at the Fib levels of wave B.
The GBP/USD is also building a bullish retracement but the downtrend seems stronger and price could continue lower depending on how price reacts to the resistance zone at 1.3380-1.3430.
Check out the video for the full analysis and trade plans on 31 May – 2 June 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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