Hi Traders, EUR/USD showed a strong bullish weekly breakout candle after weak NFP figures in the US, which is suggesting a reversal and break of the falling wedge pattern. The GBP/USD is also showing bullish price action, which could indicate a retest of the 50% Fib resistance first.
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The EUR/USD broke also above the 144 ema on the daily chart and the key resistance level of 1.1325. A bull flag continuation pattern is now needed before price can move up higher and aim at the target levels of 1.1430, 1.15, and 1.1650.
The GBP/USD is still likely to be in a pullback of a downtrend unless price clearly breaks above the 61.8% Fib at 1.2850-60.
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