US Dollar Buids Bearish Zigzag Pattern
EUR/USD
4 hour
The EUR/USD bounced near the support trend line (blue) connecting the previous bottoms. Price is now retesting again resistance trend lines (orange/red). Price could make a bearish turn at the 61.8% or 78.6% Fib if price breaks above resistance (orange/red). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD is most likely in a wave 4 (orange) correction and a break above the trend line (orange) could indicate a potential for price to move towards the Fibonacci targets. This could be part of a larger ABC zigzag (green).
GBP/USD
4 hour
The GBP/USD bounced strongly at the 61.8% Fibonacci target of wave 5 vs 1+3 and at the support trend lines (both green). The impulsive price action could be a first indication that the downtrend is over but a break above resistance (red) is needed to confirm it.
1 hour
The GBP/USD is however on the lower 1 hour time frame still showing a potential for more downtrend. The invalidation level of the wave 4 (orange) occurs if price manages to break above the 78.6% Fib level.
USD/JPY
4 hour
The USD/JPY broke the support level (dotted blue) and is expanding the ABC (blue) correction within wave 4 (purple). The 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are potential bouncing spots.
1 hour
The USD/JPY failed to break resistance (red) and completed an ABC zigzag (orange) within wave 4 (brown). The current bearish price action is probably part of a wave 5 (brown).
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USD/JPY Builds ABC Correction Towards 23.6% Fibonacci
USD/JPY
4 hour
The USD/JPY has built an ABC (blue) correction towards the 23.6% Fibonacci retracement level of wave 4 (purple). The 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are potential bouncing spots for a continuation of the larger uptrend on the daily chart.
1 hour
The USD/JPY bounced at the 23.6% Fibonacci level. A breakout above the resistance trend line (red) is needed before an uptrend continuation becomes more likely.
EUR/USD
4 hour
The EUR/USD broke the resistance trend line (dotted orange) and turned at the 61.8% Fibonacci retracement level. This could complete the wave 2 (brown) correction, although price could test the higher 78.6% Fib as well. The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD completed the ABC zigzag (green) pattern as expected. Whether the bullish waves Y correction are finished depends on the breakout direction below the support (blue/green) or above the 61.8% Fib.
GBP/USD
4 hour
The GBP/USD downtrend channel stays intact after price showed a bearish bounce at the resistance trend line (red).
1 hour
The GBP/USD completed an ABC zigzag (grey) within wave 4 (orange) at a deep 78.6% Fibonacci retracement level. A break below support (green) could see price move towards the Fibonacci targets.
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GBP/USD Bearish Drop Reaches Psychological 1.20 Barrier
GBP/USD
4 hour
The GBP/USD downtrend continues and is now testing the previous low on the daily chart of the year 2016, which dates back to October. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.
1 hour
The GBP/USD bounced at the resistance trend lines (orange/red) and is showing strong bearish momentum which has been labelled as a wave 3 (brown). Price could now retrace within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate it.
EUR/USD
4 hour
The EUR/USD is building a retracement within a wave 2 (brown) correction. Price could test the higher 78.6% Fib as well, but the wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD is moving sideways in a choppy, corrective pattern, which is why the price action has been labelled as a wave B (green). A break above resistance (red/orange) could see price test the 78.6% Fib.
USD/JPY
4 hour
The USD/JPY retraced back with an ABC (blue) correction towards the 23.6% Fibonacci retracement level of wave 4 (purple). Both the 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are likely bouncing spots. A break above the resistance trend lines (orange/red) could confirm a continuation of the larger uptrend.
1 hour
The USD/JPY could have completed a 5 wave (brown) leading diagonal for the first bullish wave (blue). This wave structure would become invalidated if price breaks below the 100% level of wave 2 (blue).
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EUR/USD Prepared for Bullish ABC Zigzag Pattern
EUR/USD
4 hour
The EUR/USD bounced at the 50% Fibonacci retracement of wave B vs A and it seems to be completing an ABC (green) zigzag within a wave 2 correction (brown). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD broke above the resistance (dotted orange) of the choppy, corrective pattern and price could be heading towards the Fibonacci targets of wave C (green). A bull flag chart pattern should appear once the wave 3 (orange) has finished.
GBP/USD
4 hour
The GBP/USD downtrend is testing the low of the year 2016. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.
1 hour
The GBP/USD bounced at the support trend lines (blue/green) and is now retracing within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate the wave 4 (brown).
USD/JPY
4 hour
The USD/JPY temporarily stopped the 23.6% Fibonacci retracement level of wave 4 (purple) but will probably retrace to the deeper 38.2% Fibonacci level.
1 hour
The USD/JPY is most likely building an ABC zigzag (brown) pattern. A break below support (green) could see price fall towards the Fib targets of wave C vs A.
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GBP/USD Bounces 400 Pips from 1.20 Support Zone
GBP/USD
4 hour
The GBP/USD was unable to break the major support level (green) from 2016 and the 1.20 round level support. During the speech of British Prime Minister May regarding the Brexit out of the EU, the GBP/USD rallied strong and bounced +/- 400 pips. Price broke above the resistance (dotted red) of the downtrend channel. The bullish price action could complete the entire downtrend potentially (which would make the waves 5 a truncated wave 5 by not breaking the bottom). But for the moment, the current price action is still considered a bullish correction and the waves 5 (green/light blue/purple) have been left open.
1 hour
The GBP/USD strong momentum could hint at a larger ABC zigzag (blue) but the price spike itself could be seen as a zigzag too. It will be important to see what kind of patterns are built later today, for instance whether bearish momentum is shown or whether price builds a triangle.
EUR/USD
4 hour
The EUR/USD is moving higher within the anticipated bullish ABC (green) zigzag. The next major Fibonacci level is the 78.6% Fib of wave 2 (brown), which is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD broke above another resistance trend line (dotted red) and price is heading towards the Fibonacci targets of wave C (green). The momentum is most likely a wave 3 (orange) and the current correction could be a shallow wave 4 (orange) correction, which typically stops and turns at a 23.6% or 38.2% Fib.
USD/JPY
4 hour
The USD/JPY is in a mild downtrend channel (red/green), which is retracing back to the 38.2% Fibonacci level of wave 4 (purple).
1 hour
The USD/JPY broke below support (dotted green) and is most likely building an ABC zigzag (brown) pattern. The current wave 4 (orange) is invalidated if price breaks above the 61.8% Fibonacci retracement level.
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USD/JPY Bullish Breakout above Down Trend Channel
USD/JPY
4 hour
The USD/JPY seems to have carefully broke above the resistance (dotted red) of the downtrend channel (red/green), which could be a first signal that the wave 4 (purple) correction has been completed.
1 hour
The USD/JPY has completed a 5 wave structure (brown), which most likely completed wave 1 (blue). Price will most likely use the Fibonacci levels of wave 2 vs 1 as support levels. A break below the 100% Fib invalidates the wave count.
EUR/USD
4 hour
The EUR/USD bounced at the 50% Fibonacci level of the wave X vs W and it is now approaching a trend line (red). A break above this resistance could see price move up towards the 78.6% Fibonacci retracement of wave 2 vs 1. Any price action above the 100% level invalidates the wave 2 (brown).
1 hour
The EUR/USD is expanding the correction via a WXY (green). Within wave Y (green) price could potentially build a zigzag.
GBP/USD
4 hour
The GBP/USD could be building a larger ABC zigzag (blue) and hence the Fibonacci levels of wave B vs A could act as support levels. The wave C (blue) Fibonacci levels could be targets.
1 hour
The GBP/USD broke above multiple resistance levels (dotted red). A break below support (blue) would make a wave 3 (orange) unlikely and a larger correction within wave B is probable. Price could retest the Fib levels of wave B vs A.
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GBP/USD Continues within Wave 3 of Larger Zigzag
GBP/USD
4 hour
The GBP/USD seems to be building an ABC zigzag (blue) and price is moving towards the Fibonacci levels of wave C vs A. Within wave C (blue) price seems to be building a 5 wave (orange) structure.
1 hour
The GBP/USD broke above the 1.25 resistance and is in a wave 3 (orange) momentum, which could last towards the Fibonacci targets of wave 3 vs 1. A wave 4 retracement would be invalidated if price broke below the top of wave 1 (orange).
EUR/USD
4 hour
The EUR/USD has reached the 78.6% Fibonacci level of wave 2 vs 1 (brown), which could act as a bearish resistance zone. A break above the 100% level would invalidate the current wave structure.
1 hour
The EUR/USD seems to be building a channel (orange/blue), which resembles a rising wedge chart pattern. A break below the support trend line (blue) could indicate a bearish breakout.
USD/JPY
4 hour
The USD/JPY broke below the bottom and hence the wave count has been changed to reflect a deeper WXY (blue) correction within wave 4 (purple). The Fibonacci levels of wave 4 (purple) could act as potential bullish support levels.
1 hour
The USD/JPY is in a bearish trend channel (red/green). A breakout above or below the channel is needed before price could be expected to move impulsively.
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USD/JPY Arrives at Bearish 50% Fibonacci of Wave 4
USD/JPY
4 hour
The USD/JPY is retracing back to the Fibonacci levels of wave 4 (purple) which could act as potential bullish support levels.
1 hour
The USD/JPY is in a bearish triangle (orange/blue) within a downtrend channel (red/green). A breakout above or below the triangle is needed before price could be expected to move impulsively. At the moment a wave 4 (orange) seems likely unless price breaks above the 50% Fib.
EUR/USD
4 hour
The EUR/USD has reached the 78.6% Fibonacci level of wave 2 vs 1 (brown), which could act as a bearish resistance zone. Another major bearish resistance level is at 1.08 which is the 88.6% Fibonacci. A break above the 100% level would invalidate the current wave structure.
1 hour
The EUR/USD could be making a bearish turn at the 78.6% Fibonacci level but it would need to break below the support trend lines (green/blue) to increase the chance of that scenario. Alternatively, price could still be part of a wave 4 (grey) correction if it stays above the Fib levels of wave 4 vs 3.
GBP/USD
4 hour
The GBP/USD seems to be building an ABC zigzag (blue) and price is moving towards the Fibonacci levels of wave C vs A. Within wave C (blue) price seems to be building a 5 wave (orange) structure.
1 hour
The GBP/USD bounced at the Fibonacci levels of the wave 4 retracement and is now heading for a wave 5 (orange) which has resistance nearby (brown trend line).
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EUR/USD Builds Rising Wedge Pattern at 1.0750 Resistance
EUR/USD
4 hour
The EUR/USD has reached the 78.6% Fibonacci level of wave 2 vs 1 (brown) and is also building a rising wedge chart pattern (orange/blue), which is a potential reversal signal. Another major bearish resistance level is at 1.08-1.0810 which is the 88.6% Fibonacci. A break above the 100% level would invalidate the current wave structure.
1 hour
The EUR/USD might build a bearish reversal at the 78.6% Fibonacci level but it would need to break below the support trend line (blue). Alternatively, price could still be part of a wave 4 (grey) correction if it stays above the Fib levels of wave 4 vs 3.
GBP/USD
4 hour
The GBP/USD could be building an ABC zigzag (blue) and price is approaching the 100% Fibonacci target of wave C vs A. Within wave C (blue) price seems to be building a 5 wave (orange) structure.
1 hour
The GBP/USD could be building an internal 5 wave (grey) within wave 5 (orange). A retracement within wave 4 (grey) could see a bounce at the Fibonacci levels of wave 4 vs 3, the support trend line (blue) and the previous broken top (dark blue).
USD/JPY
4 hour
The USD/JPY is building a bearish triangle (orange/blue) within a downtrend channel (red/green). The Fibonacci retracement levels of wave 4 (purple) could act as potential bullish support levels.
1 hour
A breakout above or below the triangle is needed before price could be expected to move impulsively. A bullish break would still face the resistance (red) of the channel. A bearish break could see price fall towards the 38.2% Fibonacci of wave 4 (purple).
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US Dollar Breaks Trend Lines and Recovers Impulsively
EUR/USD
4 hour
The EUR/USD has made a bearish turn at the 78.6% Fibonacci level of wave 2 vs 1 (brown) and has broken below the support of the rising wedge chart pattern (dotted blue). This bearish break could be a wave 1 (blue) of wave 3 (brown). The alternative scenario could be an ABC rather than a 1 (blue) which would indicate a larger correction.
1 hour
The EUR/USD could be in a wave 4 correction (orange) within wave 1 (blue). After wave 1 (blue) there could be a deep pullback for wave 2 without breaking the top (this would otherwise invalidate the count).
GBP/USD
4 hour
The GBP/USD seems to have completed an ABC zigzag (blue) at the main 100% Fibonacci target of wave C vs A. The bearish reaction could be either impulsive or corrective. At the moment a complex correction (wave W blue) is the favourite.
1 hour
The GBP/USD could be building an ABC zigzag (orange) or a impulsive 5 wave. This depends on whether price breaks the support level (blue) and falls below the 100% Fibonacci target of wave C vs A.
USD/JPY
4 hour
The USD/JPY broke above the resistance of the bearish triangle (dotted orange) and the downtrend channel (dotted red). This could signal the completion of wave 4 (purple) and the start of the wave 5 (purple).
1 hour
The breakout could be part of a wave 3 (brown) within a larger wave 1 (blue).
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USD/JPY Approaches Critical Decision Zone at 114
USD/JPY
4 hour
The USD/JPY broke above the resistance of the bearish trend line (dotted red). This could signal the completion of wave 4 (purple) and the start of the wave 5 (purple).
1 hour
The wave 4 (brown) retracement is invalidated if price pushes below the 61.8% Fibonacci level of wave 4 vs 3 and the previous top of wave 1 (brown). A bearish breakout (red arrow) could occur below the support level (blue) whereas a bullish breakout (green arrow) could occur above the resistance trend line (red).
EUR/USD
4 hour
The EUR/USD showed a bearish turn at the 78.6% Fibonacci level of wave 2 vs 1 (brown). A break above the resistance trend line (red) could indicate a larger correction towards the 88.6% Fibonacci level.
1 hour
The EUR/USD bearish reaction could be a wave 1 (blue) but a break above the 100% Fibonacci level of wave 2 vs 1 invalidates this wave count.
GBP/USD
4 hour
The GBP/USD seems to have completed an ABC zigzag (blue) and at the moment seems to be expanding a complex correction (wave W blue).
1 hour
The GBP/USD built an ABC zigzag (orange) within a potential larger correction (WXY blue).
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GBP/USD Bearish ABC Zigzag Challenges 1.25 Support
GBP/USD
4 hour
The GBP/USD is in a bearish channel (blue/brown lines) which could be part of a larger complex correction as indicated by the support (green) and resistance (red) trend lines.
1 hour
The GBP/USD is building an ABC bearish zigzag (orange) within a downtrend channel (brown/blue lines). A break above the 100% Fibonacci level of wave B vs A invalidates the ABC bearish zigzag and indicates a potential bullish breakout scenario above the bearish channel. A break below the support trend line (green) could see price retest the bottom of the channel (blue).
EUR/USD
4 hour
The EUR/USD completed a 2nd wave (blue) as expected near resistance (red) and made one more lower low. The bearish price action however only reached the 100% Fibonacci target of wave 3 vs 1. This could either be explained by the fact that A) price is building an bearish ABC zigzag (not a 123) or price is expanding the wave 3 (blue) via an internal 5 wave (see 1 hour chart).
1 hour
For the moment the assumption in this 1 hour chart is that the EUR/USD is building a wave 2 (orange) within wave 3 (blue). The invalidation level of this wave count is a break above the 100% Fibonacci level of wave 2 vs 1.
USD/JPY
4 hour
The USD/JPY broke back below the support trend line (dotted blue) and previous top (dotted green) which invalidated a potential bullish 5 wave. The alternative is an ABC (orange) zigzag within a larger wave 4 (purple) correction.
1 hour
The USD/JPY is building an ABC (orange) bearish zigzag within wave Y (brown).
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US Dollar Struggles to Find Strength during January
EUR/USD
4 hour
The EUR/USD turned around – yet again – for one more bullish push higher. The price action, however, remains very choppy and corrective. Price has also reached the next Fibonacci resistance: the 88.6% level. A break above the 88.6% makes a wave 2 (brown) unlikely and a break above 100% invalidates this wave structure. A break below support could spark waves 3.
1 hour
The EUR/USD bearish price action was an ABC correction (green) and price could have completed a bullish ABC correction too. The wave C (green) could continue higher if price breaks above resistance (red) and the 138.2% Fibonacci.
GBP/USD
4 hour
The GBP/USD broke above the bearish channel (dotted brown line). The price action in the channel is relatively choppy compared to the bullish price action and hence the wave count has been changed to reflect a potential bullish (green) wave count within wave 4 (purple).
1 hour
The GBP/USD could expand the wave B (green) correction via an expanded WXY (blue) correction. A break above the 138.2% Fibonacci level invalidates the wave X vs W.
USD/JPY
4 hour
The USD/JPY made another attempt to reach the 38.2% Fibonacci level of wave 4 (purple). Either the 38.2% or 50% are likely bounce spots for such a wave 4 (purple).
1 hour
The USD/JPY is building an ABC (orange) bearish zigzag within wave Y (brown).
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GBP/USD Builds Rising Wedge Chart Pattern at 100% Fibonacci
GBP/USD
4 hour
The GBP/USD is retesting the resistance trend line (red). A bearish bounce could confirm a wave X (blue) and see price test the Fibonacci levels of wave B (green). A break above the 138.2% Fibonacci level of wave X vs W invalidates wave X (blue) and makes an uptrend likely.
1 hour
The GBP/USD seems to be building a rising wedge chart pattern (red/green). A breakout (arrows) could occur to both sides of the support and resistance trend lines.
EUR/USD
4 hour
The EUR/USD showed a bearish bounce as expected at the 88.6% level resistance level. The bearish bounce however has been choppy and mild. A break above the 88.6% makes a wave 2 (brown) unlikely and a break above 100% invalidates this wave structure. A break below support (blue) could spark wave 3 (green).
1 hour
The EUR/USD is showing hesitation when developing bearish price action and is finding support along the way. Price bounced at the 38.2% Fibonacci support level of wave X vs W and is now retesting the resistance trend line (red).
USD/JPY
4 hour
The USD/JPY is retracing back to the Fibonacci levels of wave 4 (purple). Either the 38.2% or 50% are likely bounce spots for such a wave 4 (purple).
1 hour
The USD/JPY is building a bearish ABC (orange) zigzag within wave Y (blue).
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EUR/USD, GBP/USD Break Wedge and Decline with 5 Waves
EUR/USD
4 hour
The EUR/USD showed a 2nd bearish bounce at the 88.6% level resistance level, which keeps the wave 2 (brown) structure intact. A break below the support (blue) trend line is needed before a bearish breakout is possible.
1 hour
The EUR/USD is completing a bearish 5 wave pattern (blue) which could be either a wave A or 1 (purple).
GBP/USD
4 hour
The GBP/USD showed a bearish bounce at the resistance trend line (red) and Fibonacci levels of wave X vs W. Price is now retesting the support trend line (blue) which is a bounce or break zone. A bearish breakout could price test the Fibonacci levels of wave B vs A (blue).
1 hour
The GBP/USD broke below the rising wedge chart pattern (dotted greens) and fall impulsively in 5 bearish waves (grey). This price action could either be a wave 1 or wave A (purple) and a bullish bounce could be part of wave 2 or B (purple). The Fibonacci levels of wave B (purple) could stop price from moving higher but is invalidated if price breaks above the 100% Fibonacci level.
USD/JPY
4 hour
The USD/JPY is retracing back to the Fibonacci levels of wave 4 (purple). Either the 38.2% or 50% are likely bounce spots for such a wave 4 (purple).
1 hour
The USD/JPY broke above the resistance trend line (dotted orange) and is building a bullish ABC (orange) zigzag within wave X (brown). A break above the next resistance trend line (red) could price test the Fibonacci levels of wave C vs A.
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EUR/USD Builds Head and Shoulders Pattern at 78.6% Fibonacci
EUR/USD
4 hour
The EUR/USD is retesting the 88.6% level resistance level, which is part of the wave 2 (brown) structure. A break above the 100% Fibonacci level invalidates the wave 2 (brown) whereas a break below the support (blue) trend line is needed before a bearish breakout is possible.
1 hour
The EUR/USD could be building a pullback via a wave 2 (purple). This wave structure is also invalided if price breaks above the 100% Fibonacci level of wave 2 vs 1 whereas a bearish break below support (blue) could see a wave 3 (purple) develop. The tops could also be building a head and shoulders reversal chart pattern (purple circles). The support (blue) and resistance (red) trend lines also look like rising wedge chart pattern.
GBP/USD
4 hour
The GBP/USD is building a bearish retracement at the resistance trend line (red). A bearish breakout could price test the Fibonacci levels of wave B vs A (blue) whereas a bullish breakout could price develop within wave Y (green).
1 hour
The GBP/USD price action seems to be either a wave 1 or wave A (purple) and a bullish bounce could be part of wave 2 or B (purple). The Fibonacci levels of wave B (purple) could stop price from moving higher but is invalidated if price breaks above the 100% Fibonacci level.
USD/JPY
4 hour
The USD/JPY is building a retracement back to the Fibonacci levels of wave 4 (purple). The 38.2% and 50% are likely support levels to complete a wave 4 (purple).
1 hour
The USD/JPY could be building a bullish ABC (orange) zigzag within wave X (brown).
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EUR/USD Approaches Wave 3 and Fibonacci Targets
EUR/USD
4 hour
The EUR/USD completed a bearish turn at the 88.6% Fibonacci resistance and broke below a support trend line (dotted blue), which could be part of a bearish wave 3 (purple). The most momentum should be expected if price manages to break below the next support trend line (blue).
1 hour
The EUR/USD completed a wave 2 pullback (purple).Price could be in a wave 3 (blue) if it manages to break below the support trend line (green). A break above the 100% level of wave 2 vs 1 invalidates the wave count.
GBP/USD
4 hour
The GBP/USD is building a correction between support (green) and resistance) which is most likely a wave 4 (purple). At the moment a larger ABC (blue) correction seems likely within wave 4 (purple).
1 hour
The GBP/USD price action seems to be in a wave A (purple) and a break below support (blue) could indicate a continuation towards the Fibonacci levels of wave 5 vs 1+3. A break above resistance (orange) could start wave B (purple). The Fibonacci levels of wave B (purple) should become resistance but the structure is invalidated if price breaks above the 100% Fibonacci level.
USD/JPY
4 hour
The USD/JPY is building a retracement back to the Fibonacci levels of wave 4 (purple). The 38.2% and 50% are likely support levels to complete a wave 4 (purple).
1 hour
The USD/JPY broke below the support trend line (dotted blue) and has completed the bullish ABC (orange) zigzag within wave X (brown). Price could now be building a bearish ABC zigzag (orange).
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Key Triangle Pattern Created at 38.2% Fibonacci Support
USD/JPY
4 hour
The USD/JPY seems to have made a double bottom at the 38.2% Fibonacci retracement level of wave 4 vs 3. A break of the bottom would still encounter a larger support trend line (green). Price needs to break above resistance (orange/red) trend lines before a new uptrend becomes more likely.
1 hour
The USD/JPY could either be building a new uptrend via a 123 (blue) or a larger bearish correction via a WXY (grey). The trend lines indicate contracting triangle pattern and are critical to see whether a breakout could occur later today.
EUR/USD
4 hour
The EUR/USD failed to break below the support trend line (blue) and to reach the 161.8% Fibonacci target of wave 3 vs 1, which means that another wave 1-2 (blue) is likely unless price were to break above the top of wave 2 (purple).
1 hour
The EUR/USD is most likely building an ABC (green) zigzag within wave 2 (blue) unless price breaks below the 100% level of wave B vs A.
GBP/USD
4 hour
The GBP/USD is building an ABC (blue) correction within wave 4 (purple). Price could retest the larger resistance trend line (brown) and Fibonacci levels of wave C if it breaks the local resistance (red).
1 hour
The GBP/USD is probably in a wave 5 (orange) of the wave C (blue) unless price breaks the support trend line (blue) which would make a correction towards the 50% Fibonacci level of wave 4 vs 3 likely.
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EUR/USD, USD/JPY Complete Wave-1 and Retrace for Wave-2
EUR/USD
4 hour
The EUR/USD broke above the multiple key resistance levels (dotted lines) of the bearish trend channel. Price seems to have completed a bearish wave 1 (purple) and is now retracing back for a wave 2 (purple). The Fibonacci levels of wave 2 (purple) could therefore act as resistance. A break above the 100% level of wave 2 vs 1 invalidates the wave 1-2 (purple).
1 hour
The EUR/USD could continue with its bullish momentum this morning towards the Fibonacci targets of wave C vs A. In that case a bullish 5 wave could be part of a larger bullish ABC zigzag. A bearish bounce at this spot could see price test and potentially bounce at the Fibonacci levels of wave X vs W (blue).
GBP/USD
4 hour
The GBP/USD is testing the resistance trend line (red) and a bullish breakout could see price test higher resistance (red/brown). A break below the support (blue) invalidates the wave 1-2 (orange).
1 hour
The GBP/USD could build a bearish ABC zigzag (grey) towards the Fibonacci levels of wave 2 (purple) if price bounces at resistance. A break below the 100% Fib level of wave 2 vs 1 (purple) invalidates the wave structure. A bullish breakout could see price move towards the Fibonacci targets of wave 3 vs 1 (orange).
USD/JPY
4 hour
The USD/JPY broke the support trend line (dotted green) which makes it more likely that a bullish 5 wave (brown) pattern has been completed for a wave 1 (blue). Price could now be retracing back to the Fibonacci levels of wave 2 vs 1.A break below the 100% level invalidates this wave structure.
1 hour
The USD/JPY is probably building a deep bearish zigzag correction within wave 2 (blue). Price could bounce at the Fibonacci levels of wave B vs A (brown), especially if the resistance trend line (red) breaks with a 3 wave ABC pattern. A bearish bounce could see price move lower within wave 2 (blue). A break above the 100% level of wave B vs A invalidates it.
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USD Decision Zone to Reveal Bullish or Bearish Trend
USD/JPY
4 hour
The USD/JPY seems to have completed a bullish 5 wave (brown) pattern as part of a wave 1 (blue). Price could now be retracing back to the Fibonacci levels of wave 2 vs 1. A break below the 100% level invalidates this wave structure. A breakout above resistance (red) could confirm and start the wave 3 (blue).
1 hour
The USD/JPY is probably building a bearish ABC zigzag (brown) correction within wave 2 (blue). Price could bounce at the Fibonacci levels of wave B vs A (brown) price could move lower within wave 2 (blue). A break above the 100% level of wave B vs A invalidates wave B (brown) and below 100% of wave 2 vs 1 invalidates wave 2 (blue).
EUR/USD
4 hour
The EUR/USD retraced back to the Fibonacci levels of wave X (blue) as price builds a WXY correction within a larger wave 2 (puple). The Fibonacci levels of wave 2 (purple) could therefore act as resistance. A break above the 100% level of wave 2 vs 1 invalidates the wave 1-2 (purple).
1 hour
The EUR/USD showed a bearish bounce and price fell back to the 50% Fibonacci support level. Price will either break above resistance trend line (red) or retrace to deeper Fib levels of wave X vs W.
GBP/USD
4 hour
The GBP/USD is in between multiple support and resistance trend lines. At this moment price is close the support trend line (blue) which could be used as a bouncing spot within wave 2-3 (orange) and a larger wave C (blue).
1 hour
The GBP/USD seems to have built a bearish ABC zigzag (grey) towards the Fibonacci levels of wave 2 (purple). A break below the 100% Fib level of wave 2 vs 1 (purple) invalidates the wave structure. A bullish breakout above resistance (red) could see price move towards the Fibonacci targets of wave 3 vs 1 (orange).
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