the EUR/USD is facing support at around 1.17 and could make a bounce back to 1.1750-1.18. But the resistance zone is likely to send the pair lower to the next Fib target at 1.16. The GBP/USD bears are likely to break below 1.27 or bounce at 1.2750-1.2830 for a target at 1.2550.
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The EUR/USD bulls need to push above 1.18 and the 21 ema zone before an uptrend can continue. Price would also need to show strong bullish momentum, otherwise the pair remains in a retracement mode.
The GBP/USD remains bearish below 1.2875. Any bullish price action can face resistance at the 21 ema zone.
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