EURUSD has broken out and upside focus is squarely on 1.1660s. This is the 200 day average and August low. 1.1355/80s is well-defined for support now. The zone was resistance in December and is also the top side of the former resistance line that was just broken.
Cable put in a BIG reversal today. I’m not sure what’s going on from a pattern perspective but today’s reversal was accompanied by high volume. The chart below shows high volume (1 day) reversals in futures. Those are some good signals! Also, note that 2021 VWAP was resistance (2 charts down). ‘Levels wise’, price might bounce from near 1.3775. Watch for resistance near 1.3445.
The EURUSD drop from Tuesday’s high is in 5 waves and price has retraced 38.2% of the decline so weakness could resume now. If that fails to materialize, then the 61.8% is proposed resistance at 1.1903.