Dear traders,
the EUR/USD is showing a very strong bullish daily pinbar and a reversal from 1.17 is possible. The GBP/USD downtrend seems stronger and a break below 1.34 could target lower lows whereas a bullish a break above 1.3450 indicates a potential reversal.
The EUR/USD downtrend is testing a key support zone at 1.17-1.1750. Price reacted with strong bullish momentum which created a bullish pinbar candlestick pattern. Price is now testing the support zone again, which will confirm whether a bullish breakout and larger reversal will occur or whether price will continue with the downtrend.
The GBP/USD downtrend looks stronger and price could continue with the bearish momentum if price manages to break below 1.34 support. A break above 1.3450 invalidates the potential wave 4 correction and could indicate a bullish reversal as price breaks above the 21 ema.
Check out the video for the full analysis and trade plans on 22-23 May 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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