EUR/USD, GBP/USD Analysis & Setups 3 – 4 May 2021

The EUR/USD made a bearish reversal and price action seems to be confirming a wave 5 down in a larger ABC pattern. The GBP/USD remains choppy but a bearish impulse could indicate a wave 3.

If you think our videos, analysis, and education can help you become a better trader, then you can ask your own questions via our form and we will answer them in the weekly live webinar every Tuesday.

EUR/USD & GBP/USD Overview

The EUR/USD is expected to build a bearish ABC pattern within wave B towards the 61.8% Fibonacci retracement level at 1.1875, which could act as support for a bounce up.

The GBP/USD remains in a corrective chart pattern with the support and resistance levels acting as key decision zones.

Check out the video below for the full analysis and trade plans on 3 – 4 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

For a look at all of today’s economic events, check out our economic calendar.

Good trading,

Chris Svorcik
CTA