🎦 EUR/USD, GBP/USD Analysis & Setups 17 – 18 May 2021 🎦

3 min read

Hi Traders,

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.

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EUR/USD & GBP/USD Overview

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:

  • 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:

Good trading,
Chris Svorcik

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