Dear traders,
the EUR/USD bounced at the 50% of wave B and is now building a bullish wave C that could take price up to 1.1850. A break below 1.16 is needed before the downtrend has better odds. The GBP/USD is challenging the support zone of an uptrend channel which is a key bounce or break spot.
The EUR/USD is most likely expanding a wave 4 correction via an ABC correction. The wave C could move up towards 1.1850 where there is a confluence of resistance and Fib targets. A break below 1.1675 could see a bearish move towards 1.16 but a break is needed below 1.16 before the downtrend is back in play.
The GBP/USD is in a similar spot and price could either be expanding the wave 4 or completing it soon. For the dowtrend to resume, price would need to break below the support trend channel. A bullish breakout becomes more likely with a break above 1.3350 and could aim at the round level of 1.35.
Check out the video for the full analysis and trade plans on 5-6 June 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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