EUR/USD, GBP/USD Analysis & Setups Feb. 3-5, 2021

By Chris Svorcik of Elite CurrenSea
Wednesday, February 3, 2021 8:31 AM EDT

The EUR/USD broke below the support zone of the descending wedge pattern. It is now likely to continue lower in a bearish ABC pattern. The GBP/USD broke the two rising wedges and is showing the potential for a larger bearish retracement.

EUR/USD & GBP/USD Overview

The EUR/USD is aiming at bearish targets around 1.1875-1.1925 but some type of retracement or breakout is needed first.

The GBP/USD has entered a bearish zone with potentially large space to the downside. But still, a pullback or breakout is also required.

Check out the video below for the full analysis and trade plans on 3 – 5 Feb 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: 00:10:29

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 ...

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Monica Kingsley • 3 years ago • Contributor's comment

EUR/USD target nicely set - let's see how the pair behaves on its journey