EUR/USD Breaks Resistance And Continues Retracement To 1.0750

EUR/USD

4 hour

The EUR/USD broke above the resistance trend line (dotted red) as expected which could signal a larger retracement within wave 2 (brown). Price could head back to 1.0750-1.0775 at the 50-61.8% Fibonacci levels.

1 hour

The EUR/USD break above the resistance trend line (dotted orange) which could trigger the development of an ABC (purple) zigzag.

GBP/USD

4 hour

The GBP/USD is challenging the resistance trend line (brown) which is a bounce or break decision zone. A bearish bounce could price fall towards the Fibonacci levels of wave X (orange) whereas a bullish breakout could see price complete wave Y (blue).

1 hour

The GBP/USD is testing the Fibonacci levels of potential wave B (pink). A break above the 138.2% Fibonacci level would invalidate the wave B (pink).

USD/JPY

4 hour

The USD/JPY is building a potential wave 4 correction (orange), which would become invalid if price retraced above the bottom of wave 1 (red line).

1 hour

The USD/JPY could be building an ABC (purple) zigzag correction towards the Fibonacci levels of wave 4 (orange). A break below the support trend line (blue) could indicate the completion of that wave 4 (orange).