? EUR/USD, GBP/USD Analysis & Setups 15-16 May ’18 ?
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Dear traders,
the EUR/USD showed a bearish daily candle but an immediate continuation will depend on how price reacts to local resistance. The GBP/USD has completed a diamond chart pattern and seems ready for a bearish breakout towards 1.34
The EUR/USD made a bearish reversal at 1.20 but price will need to stay below 1.1950 otherwise an expanded wave 4 correction could take place. A bullish break above the 21 ema on the 1 hour chart could indicate a larger bullish correction but eventually a downtrend continuation is likely and is aiming for 1.1750.
The GBP/USD has built a consolidation zone pattern which looks like a diamond pattern. A bearish breakout could see price make a final bearish wave 5 which aims at 1.3380-1.34. A failure to move lower could see a counter-trend break above 1.36 but the space is limited as resistance is nearby at 1.3650-1.3750.
Check out the video for the full analysis and trade plans on 15-16 May 2018:
- EUR/USD, GBP/USD technical analysis
- Review of patterns, trends, key S&R levels
- Explanation of potential trade ideas both up and down
- Beginner friendly, explaining concepts in more detail
See the video below for all of the details
Good trading,
Chris Svorcik
Elite CurrenSea
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