? EUR/USD Builds Bullish Wave 3 Momentum ?
Subscribe
Dear Traders,
The EUR/USD is showing a strong bullish breakout and is now approaching the previous top, which is a key resistance level. Today’s video reviews both the EUR/USD breakout and GBP/USD uptrend that are approaching key decision zones and explains bearish and bullish trade setups based on the breakout direction and price action.
The EUR/USD bullish momentum could be part of a wave 3 of wave 3 pattern. But an uptrend is only possible when price builds a mild correction at the 1.25-1.2550 resistance zone, otherwise the wave 3 pattern could become invalidated. In that case, a large complex and sideways correction could take price back down to 1.2250.
GBP/USD uptrend is strong and has made several key bullish breakouts. But now price is approaching the previous top which is a key resistance zone.
Check out the video for the full analysis and trade plans on 27-28 March 2018:
- EUR/USD, GBP/USD, GBP/JPY technical analysis
- Review of patterns, trends, key S&R levels
- Explanation of potentrial 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
.
Greetings Mr Nenad,
What we have in EURUSD in my opinion is a move from wave 4 of Elliott wave pattern on the daily chart heading to wave 5 around 1.2550 – 1.26, we should see a move from there downwards which will be wave A of the corrective leg ABC, this should take us to 1.2325, we will tell on the wave A move if we have a zig zag, Flat, or triangle pattern. Which will help us trade B wave and C wave correctly.
Hi John, looks like EUR/USD is indeed expanding wave 4. but eventually expecting indeed bullish wave 5. thanks for the comment!
Wave 4 on the daily chart was at 1.2241 area