the EUR/USD made a bullish bounce as expected and has reached the Fibonacci targets. Now the main question is whether price action will break north or south. The GBP/USD looks bearish and needs to break the support trend line for a bearish breakout.
The EUR/USD bullish breakout should aim at the bullish Wizz and Fibonacci levels. A bearish breakout below the 21 ema zone on the 4 hour chart, however, could send the currency pair lower in a bearish ABC.
The GBP/USD bearish reversal seems likely when reviewing the time patterns on the weekly chart. EIther via a bearish breakout or via a double top at the 88.6% Fibonacci resistance.
Check out the video below for the full analysis and trade plans on 17 – 18 May 2021: