? EUR/USD, GBP/USD Analysis & Setups 31 July – 1 August ’18 ?

2 min read

The EUR/USD made a strong bullish bounce at triangle support and is challenging a critical resistance zone. Price seems to be showing a bullish 123 wave pattern. The GBP/USD is however indicating bullish choppiness in what seems to be a wave B of a larger ABC correction.

The EUR/USD could be in a bullish wave 3 of wave C if price manages to stay above the 61.8% Fibonacci level of wave 4 vs 3. A break above the resistance is needed to confirm the bullish wave C.

The GBP/USD will probably make a lower low if it breaks below the channel or bounces at the 61.8% Fib resistance. This could complete a bearish wave C of a larger wave B, which in turn is probably part of a bullish wave ABC pattern.

Check out the video for the full analysis and trade plans on 31 July – 1 August 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
Elite CurrenSea

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