the EUR/USD is building a bearish reversal. Price is making a bullish ABC zigzag in wave 2 after completing 5 bearish waves in wave 1. The GBP/USD is in a range and the breakout is key. But a bearish reversal also seems to be the main scenario.
The EUR/USD is testing the Fibonacci retracement resistance levels of the wave 2. A bearish bounce and breakout could confirm a reversal.
The GBP/USD remains choppy. The trend lines are key for a breakout north or south.
Check out the video below for the full analysis and trade plans on 29 May – 4 June 2021: