Hi Traders,
the EUR/USD made a bullish breakout and reached the Wizz 6 and -27.2% Fibonacci target. But the strong price action seems to be wave 3 and a pullback in wave 4 is now expected. The GBP/USD is testing the previous top and there are 3 main scenarios for the Cable.
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The EUR/USD remains in a wave 4 as long as price action stays above the 50% Fibonacci support level. The main target zone is the 1.2275-1.2350 area.
The GBP/USD needs a bearish breakout and lower high before a bearish reversal is confirmed.
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Good trading,
Chris Svorcik
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