the EUR/USD made a bullish bounce at the 50% Fib and 144 ema and is now aiming for a bullish breakout towards 1.2220. The GBP/USD also is bullish after bouncing at the 21 ema and breaking above 1.3860. The next target is now 1.40.
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The EUR/USD remains bullish as long as price action remains above 1.2075. A bounce at the 1.21 support zone could offer an interesting reward to risk ratio. The move up should complete a wave 5 of wave A. A bearish bounce is expected at the previous top as part of a larger ABC.
The GBP/USD could retrace back to and bounce at the 38.2% Fibonacci support zone around 1.3860. The main target is the round level at 1.40.
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