Hi Traders,
the EUR/USD bearish breakout is probably a wave C aiming at the support zone around 1.1725-50. The GBP/USD bearish decline is strong and we are expecting multiple shallower pullbacks and breakouts towards 1.35.
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The EUR/USD is probably moving lower as part of an ABC zigzag pattern. This could complete a wave A on the higher time frames, which could indicate a bullish reversal at support.
The GBP/USD is also in a bearish ABC pattern as long as price action stays above 1.35. Bearish trade setups are likely towards 1.35 but a bullish reversal could occur there.
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Good trading,
Chris Svorcik
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