The EUR/USD is testing the 21 ema zone. A bearish breakout could confirm the bearish reversal whereas a break above the 21 ema could indicate one more push higher. The GBP/USD made a bearish reversal as expected and is now looking for a bearish bounce or breakout.
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EUR/USD & GBP/USD Overview
The EUR/USD needs to break below the 38.2% Fibonacci level to confirm a bearish reversal and 123 pattern. Otherwise, the bulls could still be in wave 5 and one final higher high could aim at 1.2275-1.23 within wave 5 of 5 of wave C. A bearish reversal is expected eventually as part of a larger ABC flat correction.
The GBP/USD is expected to make a bearish reversal if there are bearish candlestick patterns in the resistance zone OR if there is a bearish breakout below the 21 emas on the 4 hour chart. Here too a larger bearish ABC flat sideways range could be unfolding.
Check out the video below for the full analysis and trade plans on 26 – 28 May 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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