EUR/USD, GBP/USD Analysis & Setups 6 – 7 June 2021

The EUR/USD made a bullish ABC followed by a bearish bounce as expected. But the bearish impulse ran out of steam soon and price action will need a breakout to decide the next step. We also review the Elliott Waves on the GBP/USD and when to expect from the Cable.

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EUR/USD & GBP/USD Overview

The EUR/USD needs to break below the 61.8% Fibonacci for a bearish wave 3 or break above the 21 ema zones for a bullish wave 4-5 of wave C.

The GBP/USD remains choppy and impulsive. A bearish reversal at resistance or breakout followed by a bear flag offers the most potential this week.

Check out the video below for the full analysis and trade plans on 6 – 7 June 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