EUR/USD, GBP/USD Analysis & Setups 19 – 21 May 2021

The EUR/USD made a bullish breakout and reached the Wizz 6 and -27.2% Fibonacci target. But the strong price action seems to be wave 3 and a pullback in wave 4 is now expected. The GBP/USD is testing the previous top and there are 3 main scenarios for the Cable.

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EUR/USD & GBP/USD Overview

The EUR/USD remains in a wave 4 as long as price action stays above the 50% Fibonacci support level. The main target zone is the 1.2275-1.2350 area.

The GBP/USD needs a bearish breakout and lower high before a bearish reversal is confirmed.

Check out the video below for the full analysis and trade plans on 19 – 21 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