The EUR/USD has bounced at the 78.6% Fibonacci retracement level. A break of the resistance could see a potential start of wave C, although price action should be light before this weekend’s Greek referendum. A break of the bottom (dark blue) would invalidate the ABC (green) formation.
The GBP/USD bounced at the 50% Fibonacci retracement level yesterday. A bearish break below the bottom could see price fall further down to the 61.8% or 78.6% Fibs. A bullish bounce could see price move up towards the resistance trend lines (red and orange).
Please note that the update is posted with permission from Admiral Markets
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