Dear traders,
the EUR/USD, GBP/USD are showing bearish reversals after retracing back to the Fibonacci levels and 21 ema zone. However, price action remains slow and choppy and price needs to break support or resistance before a new direction can be confirmed.
The EUR/USD bounced at the 38.2% Fib resistance and 21 ema zone from the daily chart but is not able to break below the key support zone on the 4 hour chart. A breakout could go in both direction: a bearish break confirms wave 5 whereas a bullish break could see price move to the 50% Fib.
The GBP/USD is bouncing at the daily 23.6% Fib and 21 ema zone. GU is now building a bearish trend channel which is a key indicator for a bearish or bullish breakout. A bearish break could see price start a wave 3 whereas a bullish break could indicate a retracement to the 38.2% Fib.
Check out the video for the full analysis and trade plans on 12-13 June 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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