? EUR/USD, GBP/USD Bullish Trends Face Hefty Resistance Zones ?

2 min read

Dear Traders,

the EUR/USD, GBP/USD are in a strong uptrend but the momentum could be running out of steam as price approaches key resistance levels.

The EUR/USD has been trending decisively bullish this week but price has arrived at a resistance zone which could e tough to break. The 1.24-1.25 price area has provided plenty of resistance in the past and it could do so again. A bearish reversal is likely, now or after the next bullish breakout, which could complete a bullish wave 1 or bearish wave B.

GBP/USD is facing a similar situation: a strong trend seems overstretched on the lower time frames. A larger wave 4 correction, however, still remains possible as long as price stays above the 50% Fib support zone at 1.41. A bullish bounce could indicate that one more wave 5 is likely and could be aiming for 1.4250-1.43.

Check out the video for the full analysis and trade plans on 12-14 April 2018:

  • EUR/USD, GBP/USD, GBP/JPY 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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