The EUR/USD is building a bearish channel and retracement but the bullish price action could indicate the end of the pullback and the restart of the uptrend. Whether the uptrend will continue or not depends on how price responds during the bullish breakout. A false break could send price back lower to test the Fibonacci levels of wave 4 at around 1.2250. The bullish target is the -27.2% Fib target at 1.2750.
The GBP/USD is showing a similar structure after a bullish bounce at 1.40. A bullish continuation is likely if price shows a bull flag chart pattern after finishing its bullish momentum.
Check out the video for the full analysis and trade plans on 30-31 January 2018: