EUR/USD, GBP/USD Analysis & Setups 22 – 23 Feb 2021

The EUR/USD is testing the key 21 ema zone on the 4 hour chart, which is a critical bounce or break spot. The GBP/USD uptrend is extremely strong but price action is reaching a potential reversal zone soon.

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EUR/USD & GBP/USD Overview

The EUR/USD is testing the wave 4 support Fibs. A bullish bounce and breakout could send price higher in a wave C whereas a bearish break below 1.2090 should send price to the 78.6% Fib at 1.20.

The GBP/USD is in reversal territory but only if there is a strong daily bearish candle. Otherwise a bull flag pattern and a new high is likely.

Check out the video below for the full analysis and trade plans on 22 – 23 Feb 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 detail

EUR/USD & GBP/USD Video

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Good trading,

Chris Svorcik
CTA