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EURUSD

EURUSD is moving slightly to the upside since the pair touched a new low, but a bigger structure still shows a sideways price move presumably wave 4) that can be a flat that will seek a top near 1.0700 area. The second possibility is also a triangle in the fourth wave if the pair will not exceed 1.0654. In either case we see EURUSD still in a corrective move that will send prices back to the downside this month.

EURUSD, 4H

GBPUSD

On the 4h chart of GBPUSD we are observing a bearish structure at the moment that should unfold in three waves in black wave B. We see some nice support for this decline to come in around 1.2080 which can be triggered after the current subwave B is finished. An updated count shows the price making a minor reversal at the 38.2 Fibonacci ratio, which could also prove to be a region of resistance. That said sub-wave B may be completed.

GBPUSD, 4H