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