The EUR/USD is continuing with the downtrend within a wave 5 but price is now approaching a key support zone at 1.15 which is a critical decision spot. The GBP/USD is also breaking lower and seems to be falling towards the main target at 1.2950 which is also a key zone. Check out our education & research page at ECS.
EUR/USD is reaching a key support level at 1.15, which is a bounce or break zone. A bullish bounce could indicate the potential start of a larger bullish ABC correction whereas a bearish breakout could indicate a strong bearish momentum.
GBP/USD is in a similar spot as the EUR/USD. A bearish breakout below 1.2925-50 could indicate strong bearish momentum whereas a bounce could start an ABC correction.
Check out the video for the full analysis and trade plans on 2-3 Oct 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