EUR/USD, GBP/USD Analysis & Setups 17 – 18 May 2021

The EUR/USD made a bullish bounce as expected and has reached the Fibonacci targets. Now the main question is whether price action will break north or south. The GBP/USD looks bearish and needs to break the support trend line for a bearish breakout.

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EUR/USD & GBP/USD Overview

The EUR/USD bullish breakout should aim at the bullish Wizz and Fibonacci levels. A bearish breakout below the 21 ema zone on the 4 hour chart, however, could send the currency pair lower in a bearish ABC.

The GBP/USD bearish reversal seems likely when reviewing the time patterns on the weekly chart. EIther via a bearish breakout or via a double top at the 88.6% Fibonacci resistance.

Check out the video below for the full analysis and trade plans on 17 – 18 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