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EUR/USD is testing the Fibonacci retracement levels of the wave 4 pattern. A bearish bounce and breakout could confirm a downtrend continuation.
The GBP/USD is also testing the key 50% Fibonacci resistance zone.
EUR/USD and GBP/USD overview
The EUR/USD remains bearish as long as price action stays below the 50% Fibonacci level. There could be still two more lower lows within the bearish wave C.
The GBP/USD needs to break below the 21 ema zone to confirm a breakout. A push above the 50% Fib places the bearish outlook on hold.
Check out the video below for the full analysis and trade plans on 23 - 25 June 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 detail.
The analysis has been done with the ecs.SWAT method and ebook.
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