Hi Traders, the EUR/USD made a bullish bounce at 1.11, which seems to be confirming a double bottom at the support line of the falling wedge. The GBP/USD downtrend remains strong but a pullback is now taking place within wave 4.
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The EUR/USD needs break and close above 1.1250 or below 1.11 before a larger downtrend or bullish reversal becomes likely.
The GBP/USD has reached the 23.6% Fibonacci retracement level. Price could either make a correction to the 38.2% Fib or move sideways in the 21 ema and make a breakout below the 21 ema.
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