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Forecast for EUR/USD and GBP/USD on May 21. The dollar retained its advantage over the euro and the pound on a boring Monday

EUR/USD – 4H.

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Quotes of the euro/dollar pair performed consolidation under the retracement level of 100.0% (1.1177), return to this level, rebound from it, and all this happened on Monday, when the Forex market, by and large, was asleep all day. Since no news came out yesterday, traders had nothing to analyze. Thus, the weak desire of traders to trade is understandable. The consolidation of the euro/dollar exchange rate above the retracement level of 100.0% will allow traders to expect a reversal in favor of the European currency and some growth in the direction of the retracement level of 76.4% (1.1241). However, the release quotes from the level of 100.0% increase the chance for a decline of the pair towards the Fibo level of 127.2% (1.1102). Tuesday will be as empty as Monday in terms of news. Europe and the US continue to "rest" today. Possible messages from Donald Trump, who likes to excite the public through his Twitter. Otherwise, nothing interesting is expected today. The euro has already shown a weakness of the desire to restore growth, so it is likely to continue a slow decline.

The Fibo grid was built on the extremums from March 7, 2019, March 20, 2019.

Forecast for EUR/USD and trading recommendations:

The EUR/USD pair continues to show a desire to continue the process of falling towards the level of 1.1102. Thus, I recommend selling the euro for this purpose, with a protective order above the Fibo level of 100.0%. I recommend buying the pair after the close above the retracement level of 100.0% to the Fibo level of 1.1241.

GBP/USD – 4H.

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As seen on the 4-hour chart, the pound/dollar quotes will continue the process of falling in the direction of the retracement level of 23.6% (1.2639). After several days of maturing, a bullish divergence has finally formed in the CCI indicator, which allows traders to expect a reversal in favor of the pound and some growth of the pair. Closing the pound/dollar quotes above the Fibo level of 38.2% (1.2765) will significantly increase the chances of continued growth in the direction of the retracement level of 50.0% (1.2867). But at the moment, we see only the lack of any desire in the market to buy English currency. Despite the strong divergence, traders did not start buying the pound on Monday. Maybe the news will help the pound today? It is also unlikely, since there are no news scheduled for today, moreover, traders have recently paid no attention to news from Britain, even if they are positive.

The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.

GBP/USD – 1H.

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The hourly chart for GBP/USD shows an almost identical picture to the 4-hour chart. For a long time, the bullish divergence was brewing, after which all the low quotes and the indicator were mixed up and the divergence was canceled. But there was a bearish divergence in the CCI indicator, which is much more likely to be worked out by Forex. The pound is still not favored by traders, thus, on May 21, the process of falling may continue towards the retracement level of 161.8% (1.2673). The rebound of the pair from this level will allow traders to count on a reversal in favor of the pound and some growth in the direction of the Fibo level of 127.2% (1.2782).

The Fibo grid is built on the extremes of April 25, 2019, and May 3, 2019.

Forecast for GBP/USD and trading recommendations:

The GBP/USD pair continues the process of falling, so I recommend selling the pair with a target of 1.2673 with a stop loss order above the bearish divergence peak. I recommend buying the pair in very small volumes at the rebound from the Fibo level of 161.8% (hourly chart) with a target of 1.2782 and a protective order at the level of 161.8%. But it is best to abandon the purchase of the pound sterling.

The material has been provided by InstaForex Company - www.instaforex.com