The EUR/USD made a strong bearish reversal at the Fibonacci retracement levels. Now price action could create an ABC zigzag before moving lower to the 1.1750 target zone. The GBP/USD is expected to build a bear flag pattern and move down lower again towards 1.37.
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EUR/USD & GBP/USD Overview
The EUR/USD could test the 1.20 support zone first before building a bullish retracement. The strong decline indicates a potential wave C and a lower low that could reach the weekly 38.2% Fib and the target at 1.1750.
The GBP/USD bearish decline is also indicating more intermediate weakness for the GBP. A breakout below the bear flag pattern should send it lower.
Check out the video below for the full analysis and trade plans on 1 – 2 Mar 2021:
EUR/USD, GBP/USD technical analysis: patterns, trends, key S&R levels
- Explanation of potential trade ideas both up and down
- Beginner friendly, explaining concepts in more detail
EUR/USD & GBP/USD Video
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