the EUR/USD is showing bearish momentum and expecting a bear flag for a downtrend continuation. The GBP/USD also remains bearish as long as price action remains below 1.2950-1.30.
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The EUR/USD is likely to use 1.1675-1.1750 as a resistance zone for a push lower within wave 3 or wave 5. A shallow pullback would be typical for a wave 4.
The GBP/USD needs to form a bullish correction to confirm a downtrend continuation. A break above 1.30 could indicate a false breakout below the uptrend channel.
Check out the video below for the full analysis and trade plans on 2 – 3 Nov 2020: