The EURUSD continued its bullish correction yesterday, topped at 1.3974 and closed at 1.3960. This fact should open the door for further correction testing 1.4000/30 area. Break above that area should continue the bullish correction testing the upper line of the bearish channel and 1.4250 resistance area. However as long as the bearish channel hold, this pair is still in a bearish phase in longer term point of view. Immediate support at 1.3900. Break below that area could end the upside correction testing 1.3750 area, which is technically remains the nearest bearish target this week.

The GBPUSD made indecisive movement yesterday, but I think this pair is still in bullish correction phase now, testing 1.6040 area after touched bottom around 1.5830/50 area. Break above 1.6040 should trigger further bullish momentum testing the trendline resistance but as long as price stay below the trendline, the major bearish scenario should remains intact. Immediate support at 1.5900. Break below that area could end this bullish correction  re-testing 1.5830/50 area once again.

My technical study yesterday didn’t work for this pair, so I change my technical view. The pair has been moving higher since bottomed at 84.82 on November 27 2009, which is from long term point of view, should be seen as correction move after price failed to break above the major trendline resistance (blue).