As you can see on my weekly chart below, the EURUSD made another Doji this week, indicating another indecisive movement which has been happening in the last three weeks. The bearish channel indicates the major bearish scenario remains intact. However technically I see potential bullish reversal scenario indicated by the triple bottom formation around 1.3450/00 area which is at the same time a 61.8% Fibonacci retracement of 1.2327 – 1.5140 at least testing 1.3850 and the upper line of the bearish channel.

The EURUSD failed to continued its bullish correction yesterday, bottomed at 1.3552 and closed at 1.3580. While technically this fact can be seen as potential false breakout scenario thus trigger significant bearish pressure re-testing 1.3450/30 key support area, the Euro was fell after a big surprise in US pending home sales data which fell to -7.6% indicating that risk aversion has taken center stage again.

The GBPUSD attempted to push higher yesterday, topped at 1.5135 but whipsawed to the downside, bottomed at 1.5004 and closed at 1.5030. On h4 chart below we can see that price failed to break above the upper line of the bearish channel indicating that the bearish scenario remains intact. Technically this fact could be seen as potential end to the bullish correction scenario especially if price able to move consistently below 1.5000 – 1.4950 area targeting 1.4779 even 1.4500 area in longer term. The bias is bearish in nearest term. Immediate resistance at 1.5080 area.