Dear traders,
the EUR/USD, GBP/USD made a bearish turn at the Fibonacci levels but will they break the bear flag patterns or expand the correction towards the next Fib?
The EUR/USD is testing the support trend line of a bear flag chart pattern after bouncing at the 38.2% Fibonacci retracement level. A bearish breakout below the flag indicates the end of the wave 4 correction and the start of the bearish wave 5. A bullish bounce at the bottom of the flag could see price test the 50% Fib.
The GBP/USD is also building a bear flag chart pattern and has made a bounce after reaching the 23.6% Fib. A bearish breakout could also indicate the end of the wave 4 and start of bearish wave 5 whereas a bounce could see price move up to the 38.2% Fib at 1.36.
Check out the video for the full analysis and trade plans on 10-11 June 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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