EUR/USD
Keeping support at 1.2150 intact Tuesday has prompted a fresh wave of bull pressure, which is set to extend above 1.2350 towards key projected resistance at 1.2406. A break above there would upgrade the recovery off last week's four-year low at 1.1876, opening the May 28 lower high at 1.2454 and leaving 1.1876 as a potential bear failure. Support lies at 1.2244, and only below 1.2210 would suggest a return to 1.2150 is on the cards.
GBP/USD
Maintains the strong short-term uptrend following the break above 1.4771, and the dominant threat is for further strength towards wave equality at 1.4891. However, there is scope for further strength to 1.4915 and 1.4968, which will look to protect the psychologically-important 1.5000 level. Tuesday's low at 1.4684 is likely to limit corrective weakness, and only below 1.4584 would concern bulls.
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