Dear traders,
the EUR/USD, GBP/USD downtrends could be slowing down and a bullish retracement back to the Fibonacci resistance levels is possible. A bearish bounce at the Fib retracement levels could indicate a downtrend continuation towards the Fib targets.
The EUR/USD resistance zone is especially strong around 1.20-1.2050. A bearish turn could see price fall and challenge the next targets at 1.1825 and 1.1750, which could complete a bearish wave 3 and start one more retracement for one more wave 4-5.
The GBP/USD is also in a downtrend and a similar bullish retracement to 1.36-1.3650 could find resistance. A new bearish push could take price to the -27.2% Fib target at 1.34 which in turn could complete a larger bearish wave 1.
Check out the video for the full analysis and trade plans on 7-9 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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