EUR/USD, GBP/USD Analysis & Setups 5 – 7 May 2021

The EUR/USD is completing a bearish wave 5 in a larger wave A of an ABC zigzag pattern. A bullish ABC bounce in wave B is expected around 1.975-1.20 support zone. The GBP/USD remains choppy and needs a clear breakout first.

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EUR/USD & GBP/USD Overview

The EUR/USD bullish bounce could indicate an ABC pattern in wave B towards 1.21 before another bearish swing down aims at the 61.8% Fibonacci level around 1.1875.

The GBP/USD bullish breakout could confirm a wave C of wave B. But eventually a bearish price swing is expected to take price action lower towards the 144 ema on the daily chart.

Check out the video below for the full analysis and trade plans on 5 – 7 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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Good trading,

Chris Svorcik
CTA