Hi Traders,
the EUR/USD is moving lower but the wave structure seems to favour a larger bullish wave C unless price clearly breaks below the double bottom and support at 1.11. The GBP/USD is back in the downtrend after a head and shoulders reversal chart pattern and break below the 21 ema zone.
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The EUR/USD bullish wave C would likely complete a bearish wave B at around 1.15, which could restart again a new downtrend on the EUR/USD unless price breaks below the 1.11
The GBP/USD downtrend needs to break below the 1.26 support which would then aim at the previous bottom at 1.25.
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Good trading,
Chris Svorcik
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