Hi Traders,
the EUR/USD has reached the -27.2% Fibonacci target after breaking above the bull flag chart pattern. The next break could aim at 1.2250. The GBP/USD bullish spike is running into hefty resistance and a reversal back to the 144 ema 1 hour chart is likely.
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The EUR/USD bullish breakout could confirm the bullish wave C of a larger wave B. A bearish breakout, however, indicates a deeper wave B at 1.20.
The GBP/USD reversal could take price down to the support levels around 1.39-1.40.
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Good trading,
Chris Svorcik
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