Hi Traders,
the EUR/USD is testing the Fibonacci retracement levels of the wave 4 pattern. A bearish bounce and breakout could confirm a downtrend continuation. The GBP/USD is also testing the key 50% Fibonacci resistance zone.
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The EUR/USD remains bearish as long as price action stays below the 50% Fibonacci level. There could be still two more lower lows within the bearish wave C.
The GBP/USD needs to break below the 21 ema zone to confirm a breakout. A push above the 50% Fib places the bearish outlook on hold.
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Good trading,
Chris Svorcik
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