the EUR/USD made a bullish ABC followed by a bearish bounce as expected. But the bearish impulse ran out of steam soon and price action will need a breakout to decide the next step. We also review the Elliott Waves on the GBP/USD and when to expect from the Cable.
The EUR/USD needs to break below the 61.8% Fibonacci for a bearish wave 3 or break above the 21 ema zones for a bullish wave 4-5 of wave C.
The GBP/USD remains choppy and impulsive. A bearish reversal at resistance or breakout followed by a bear flag offers the most potential this week.
Check out the video below for the full analysis and trade plans on 6 – 7 June 2021: