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EUR/USD is testing the shallow Fibonacci retracement levels for a critical bounce or breakout decision.
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The GBP/USD has reached the deep 78.6-88.6% Fibonacci retracement levels which is expected to act as a resistance zone.
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.
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Explanation of potential trade ideas both up and down.
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Beginner friendly, explaining concepts in more detai.
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