the EUR/USD is ready for a bullish ABC correction as long as price stays above the 1.15 round level. A bullish bounce at the 61.8% or a bullish breakout could send price higher towards 1.1850. The GBP/USD also seems ready for a retracement to 1.35 if price stays above 1.3250.
The EUR/USD bullish retracement could aim for the 21 ema daily chart around 1.1850. How deep the retracement will go depends on the price action at the resistance zone: a strong bearish reaction could send the EUR/USD back into a downtrend whereas corrective price action could indicate a larger bullish retracement. A break below 1.15 offers space for more downside.
The GBP/USD broke above the 21 ema band on the 4 hour chart and is also building a bullish retracement. The bullish pullback could aim for the round level of 1.35 but a break below 1.3250 could revive the old downtrend.
Check out the video for the full analysis and trade plans on 3-4 June 2018: