Dear traders,
the EUR/USD is challenging the resistance of the downtrend channel. A break indicates a larger bull reversal whereas a bounce could send the pair down to 1.17-1.18. The GBP/USD needs to break above 1.36 or below 1.35 for a larger price action.
The EUR/USD downtrend reached the 6th wizz level near 1.18 and could be ready for a bigger retracement. A bearish break below the support trend line could see price move lower to 1.17-1.18 whereas a bullish break above 1.19 could see price move towards to 1.20.
The GBP/USD is building a sideways consolidation after a large downtrend. A break above 1.36 could price move up to challenge the resistance Fibonacci levels whereas a bearish breakout below 1.35 could price fall towards the wizz target at 1.34.
Check out the video for the full analysis and trade plans on 10-12 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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