EUR/USD, GBP/USD continue with bullish momentum in wave 3
The EUR/USD continued its strong bullish momentum yesterday and throughout the week. This
seems to have completed an impulsive wave 3 (green) and one more push higher (wave 5 green)
could occur if a corrective wave 4 (green) pattern develops.
The EUR/USD could bounce at the Fibonacci levels of wave 4 (green). A break below the 61.8%
Fibonacci level and trend line (green) invalidates the wave 4 (green).
The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5
wave indicated by wave 1-2 (pink). Price has not reached the 61.8% Fibonacci level of wave 2 vs 1 but
a break above the 100% Fib level invalidates the pink 1-2. A break below the previous bottom (green)
is needed before an extension of the downtrend is confirmed.
The GBP/USD broke the resistance trend line (orange) yesterday and showed bullish impulsiveness as
expected within the wave C (green) zigzag. Price could now bounce at the Fibonacci levels of wave 4
(blue) but a break below the 61.8% Fibonacci level, however, invalidates the wave 4 (green).