The EUR/USD is testing the 21 ema zone. A bearish breakout could confirm the bearish reversal whereas a break above the 21 ema could indicate one more push higher. The GBP/USD made a bearish reversal as expected and is now looking for a bearish bounce or breakout.

EUR/USD & GBP/USD Overview

The EUR/USD needs to break below the 38.2% Fibonacci level to confirm a bearish reversal and 123 patterns. Otherwise, the bulls could still be in wave 5 and one final higher high could aim at 1.2275-1.23 within wave 5 of wave C. A bearish reversal is expected eventually as part of a larger ABC flat correction.

The GBP/USD is expected to make a bearish reversal if there are bearish candlestick patterns in the resistance zone OR if there is a bearish breakout below the 21 emas on the 4-hour chart. Here too a larger bearish ABC flat sideways range could be unfolding.

Check out the video below for the full analysis and trade plans on 26 – 28 May 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: 00:14:19