? EUR/USD, GBP/USD Analysis & Setups 1-2 July ’18 ?
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The EUR/USD is building a bullish reversal after bouncing at the 1.15 support zone. Bullish chart patterns could indicate a continuation towards the previous resistance top at 1.18-1.1850, which is new decision zone. A bearish reversal at 1.18 could confirm a wave 4 pattern whereas a breakout makes a larger bullish correction more likely. The GBP/USD downtrend remains intact but price seems to be building a bullish correction as part of a bearish wave 4. More free analysis at www.EliteCurrenSea.com
The EUR/USD failed to break below 1.15 for the 3rd time in a row, despite the downtrend and bearish momentum. As expected in earlier videos, the EUR/USD in fact bounced at support and rebroke above the 21ema zone. This bullish breakout could indicate a bullish start of July, at least till 1.18-1.1850.
The GBP/USD downtrend seems stronger as price broke below the 1.31 support zone but price is also showing strong bullish momentum on this currency pair. The Cable could be building a larger wave C of a bearish wave 4 unless it breaks above 1.34.
Check out the video for the full analysis and trade plans on 1-2 July 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
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EURUSD is on intermediate wave 3 of wave 5 in the 4hr chart, it is likely to hit 1.1730 within 24hrs to complete wave 5, after which a fall to 1.1595 is likely, which will be Wave A. Just my view.