Dear traders,
the EUR/USD is building a bullish retracement back to the resistance zone of 1.20-1.2075 where a bearish continuation is expected. The GBP/USD will probably make one more lower at 1.3380-1.34 before building a bullish ABC correction.
The EUR/USD broke above the downtrend channel and bearish 21 ema and is now retracing back to the Fibonacci retracement levels of wave 4. A bearish downtrend is expected to continue towards 1.17 which would complete wave 5 of wave A. There a bullish ABC pullback could take price up before falling again down for wave bearish wave towards the weekly support Fibs at 1.12-1.14.
The GBP/USD is building an expanding wedge correction and a slow and corrective downtrend continuation is likely towards 1.3380-1.34. This target could price bounce back up for a 3 wave correction towards the Fib resistance at 1.3750 or 1.40.
Check out the video for the full analysis and trade plans on 13-15 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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