EUR/USD and GBP/USD overview [Video]

EUR/USD is testing the shallow Fibonacci retracement levels for a critical bounce or breakout decision.
The GBP/USD has reached the deep 78.6-88.6% Fibonacci retracement levels which is expected to act as a resistance zone.

Chris Svorcik Elite CurrenSea

The EUR/USD break below the 50% Fibonacci level could indicate the end of the wave 5 or wave A and indicate a bearish retracement. A bullish bounce at the Fibs however could mean one more higher high towards 1.2250 before a larger bearish retracement is expected.

The GBP/USD bearish reversal is aiming at the 1.40 support level if price action can break below the 21 emas. A break below the support trend line is aiming at 1.39 and then even at 1.37 and 1.35.

Check out the video below for the full analysis and trade plans on 11 - 14 May 2021:

EUR/USD, GBP/USD technical analysis: patterns, trends, key S&R levels.

Explanation of potential trade ideas both up and down.
Beginner friendly, explaining concepts in more detai.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.