Dear traders,
the EUR/USD downtrend is testing 1.1750 support. A trend breakout towards 1.1650 or a bullish reversal could occur if price breaks above the channel and 1.1850. The GBP/USD could make a lower low at 1.3380 before completing bearish wave 1.
The EUR/USD is in a strong bearish trend channel but price has reached a key support level at 1.1750. A bearish continuation could see price break last week’s low and move towards 1.1650 whereas a counter trend bullish breakout could start a bullish wave 4 correction.
The GBP/USD broke below the consolidation zone but the bearish break has been slow. A bearish continuation towards 1.3380-1.34 is possible on lower time frames if price breaks support. A bullish break above 1.3525-75 could indicate a larger bullish correction.
Check out the video for the full analysis and trade plans on 20-21 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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