The EUR/USD made a bearish turn after failing to break above the resistance and is now building a bearish ABC zigzag pattern. The main target is the 61.8% Fibonacci retracement level at 1.1465 which could be a bouncing spot too. The GBP/USD made a bearish bounce at the 88.6% Fibonacci level and could be ready for a bearish breakout in wave 5 if price manages to break below the bottom. Make sure to check out our free Wave and Fibonacci guide.
EUR/USD break below the 61.8% Fibonacci level at 1.1465 could indicate a larger bearish breakout whereas a bullish bounce could confirm the end of the bearish wave C and start of a bullish wave C
GBP/USD remains a bearish outlook but needs to break below the 21 ema zone on the 4 hour chart to confirma bearish breakout.
Check out the video for the full analysis and trade plans on 8-10 September 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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