The EUR/USD made a bullish retracement after the downtrend became exhausted on the 4 hour chart. Price action is now approaching a key decision for a bullish or bearish break. The GBP/USD made a strong upside swing and is now testing a confluence of support.
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EUR/USD & GBP/USD Overview
The EUR/USD needs to break below the 50% Fibonacci support of the weekly chart for a downtrend continuation. A bullish breakout above the 50% Fib resistance of the 4 hour chart, however, could indicate the bullish reversal.
The GBP/USD remains in an uptrend as long as price action stays above the support trend line and long-term moving averages. A break below it indicates a bearish price swing to test the previous bottom.
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