EUR/USD Wave-C Tests 1.21 ☝️ GBP/USD Bear Impulse Continues ?

2 min read

Dear Traders,

the EUR/USD bearish momentum could reverse once it reaches the key support zone at 1.21-1.22. The GBP/USD however seems ready for a downtrend but a potential ABC correction could occur soon.

The EUR/USD seems to making its last and final decline before completing its third corrective leg. The wave C would most likely finish the wave Y within the wave 4 and a start of the uptrend and wave 5 could emerge. This price pattern could be invalidated once price breaks below the key support zone at 1.21-1.22.

The GBP/USD weekly chart is showing bearish candlestick pattern (engulfing twins) and a bearish continuation is expected. Price is now challenging the round 1.40 support level but price is vulnerable to a bullish ABC correction. The next pattern (impulse or correction) will decide whether price declines or retraces but eventually a correction will take place.

Check out the video for the full analysis and trade plans on 21-23 April 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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