EUR/USD bullish wave 5 has reached the first target zone at 1.1975. But an extension for one more higher high is possible if price action bounces at the shallow Fibs near 1.1937-50.
The EUR/USD bullish wave 5 has reached the first target zone at 1.1975. But an extension for one more higher high is possible if price action bounces at the shallow Fibs near 1.1937-50. The GBP/USD remains stuck between the moving averages but a bullish breakout could occur if a triangle chart pattern emerges.
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The EUR/USD bullish breakout could aim for the 1.20-1.2025 Fib target zone. This is where the 5 wave pattern of wave A could be completed.
The GBP/USD bullish bounce or breakout could aim as high as 1.39, which is the previous top and resistance zone.
Check out the video below for the full analysis and trade plans on 14 – 16 April 2021:
EUR/USD, GBP/USD technical analysis: patterns, trends, key S&R levels
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Good trading,
Chris Svorcik
CTA
Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.