? EUR/USD, GBP/USD Analysis & Setups 7-9 May ’18 ?

2 min read

Dear traders,

the EUR/USD, GBP/USD downtrends could be slowing down and a bullish retracement back to the Fibonacci resistance levels is possible. A bearish bounce at the Fib retracement levels could indicate a downtrend continuation towards the Fib targets.

The EUR/USD resistance zone is especially strong around 1.20-1.2050. A bearish turn could see price fall and challenge the next targets at 1.1825 and 1.1750, which could complete a bearish wave 3 and start one more retracement for one more wave 4-5.

The GBP/USD is also in a downtrend and a similar bullish retracement to 1.36-1.3650 could find resistance. A new bearish push could take price to the -27.2% Fib target at 1.34 which in turn could complete a larger bearish wave 1.


Check out the video for the full analysis and trade plans on 7-9 May 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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