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).