EUR/USD, GBP/USD Analysis & Setups 3 – 5 Mar 2021

By Chris Svorcik of Elite CurrenSea

Forex Trader, Analyst, Educator • Mar 3, 2021 at 10:13 AM EST

The EUR/USD is bearish as long as price action stays below the top at 1.2242. A bullish breakout indicates a triangle chart pattern in wave 4. But for the moment, a bearish ABC is targeting the 38.2% Fibonacci level.

The EUR/USD is building a bullish ABC zigzag pattern in bearish wave 2. The main target of the bearish wave 3 is 1.1750 unless price action shows a bull flag pattern. The GBP/USD is preparing for a bullish bounce up to test the Fibonacci resistance levels.

EUR/USD & GBP/USD Overview

The EUR/USD is bearish as long as price action stays below the top at 1.2242. A bullish breakout indicates a triangle chart pattern in wave 4. But for the moment, a bearish ABC is targeting the 38.2% Fibonacci level.

The GBP/USD is probably ready for a bullish ABC zigzag pattern within bearish wave B. The main target is also the 38.2% Fib.

Check out the video below for the full analysis and trade plans on 3 – 5 Mar 2021:

EUR/USD, GBP/USD technical analysis
Review of 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:

Video Length: 00:11:07

Disclaimer:

The opinions in this article are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit transactions or clients. Past performance of the companies discussed may not continue and the companies may not achieve the earnings growth as predicted. The information in this document is believed to be accurate, but under no circumstances should a person act upon the information contained within. We do not recommend that anyone act upon any investment information without first consulting an investment advisor as to the suitability of such investments for his specific situation.

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