EUR/USD
Tuesday's definitive recovery off 1.2522 leaves a bullish outside day reversal candle and sets fresh two-month highs following the probe above 1.2723. The bear resistance line originating from the November 2009 reaction high at 1.5145 is now being challenged around 1.2740, but there is room for a break above there to meet the wave equality target at 1.2765, projected off the June 29 higher low at 1.2151. And with 1.2522 now a confirmed higher low, a strong push towards 1.2875 cannot be ruled out for Wednesday's session. Corrective weakness looks limited to the 1.2615/30 area.
GBP/USD
Tuesday's strength has extended into Wednesday's current session as the bull trap high at 1.5240 has been breached. The main threat is for a sustained break into fresh nine-week highs, opening the April 30 lower high at 1.5391, although a long-term moving average on the daily chart highlights resistance close to 1.5375. A break below 1.5191 would provide temporary respite, although support at 1.5100 is likely to limit downside scope.
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