? EUR/USD, GBP/USD Analysis & Setups 15-17 August ’18 ?

2 min read

The EUR/USD broke below the chart pattern after making a pullback and bearish bounce at the Fibonacci resistance levels. Price has reached the 5th wizz level which is a bounce or break decision zone. The bears however remain in control. This is also valid for the GBP/USD, which is in a bearish wave 3 as well. The GBP/USD however seems to have more immediate space to the downside because it broke wizz level 5.

EUR/USD bullish bounce is expected to be limited as price could face strong resistance at the Fibonacci retracement levels of wave 4. A bearish bounce could indicate a continuation towards the Fib targets at 1.1180-1.1250. A bearish breakout could indicate a deeper bearish wave 3 but eventually price is expected to make a wave 4 correction.

GBP/USD seems to still be in a bearish wave 3 as price broke below the 5th wizz level. A bullish retracement however is probably also just a wave 4 retracement as long as price stays below the 50% Fibonacci retracement level. A bearish breakout is aiming for the 6th wizz level at 1.2560.

Check out the video for the full analysis and trade plans on 15-17 August 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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