? EUR/USD, GBP/USD Test Fibonacci Support Levels in Uptrend ?
March 10, 2018
2 min read
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Dear Traders,
The EUR/USD and GBP/USD are entering a decisive zone where they will indicate whether the trend is bullish or bearish. At the moment a bullish bounce at the deeper (61.8-88.6%) Fibonacci levels and a bullish continuation and breakout is most likely. But a break below the bottoms would invalidate the current structure and patterns and indicate a larger downtrend.
Check out the video for the full analysis and trade plans on 10-12 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
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Looking at the price movement on Friday after the bounce, it is moving back to fib level. So if this is a wave 2, the price just completed B? And C is forming?
Hi Istvan, thanks for reaching out. Now its a bit tricky because the ABC could already have been completed or is about to complete with the current down move. The alternative is that price moves up to +/- 1.2375 and then again down to +/-1.2220 for a larger ABC correction. In any case, the bottom at 1.2154 may not be broken otherwise this is not a wave 2.