EUR/USD Building Gradual Reversal But Key Support Remains Intact

EUR/USD

4 hour

The EUR/USD seems to be slowly turning from an uptrend to a downtrend. A break above the 100% Fib resistance level at 1.13 (red line) however would invalidate the reversal, whereas a break below support (blue) would increase the chance of a wave 3 (blue) indeed unfolding.

1 hour

The EUR/USD invalidates wave 2 (orange) if price manages to break above the 100% Fib level.

GBP/USD

4 hour

The GBP/USD is now challenging a key support trend line (blue). A bounce in this zone could see an expansion of wave 2 (blue) whereas a bearish breakout could confirm wave 3 (blue/red).

1 hour

The GBP/USD wave 2 is invalidated if price breaks above the 100% Fibonacci level.

USD/JPY

4 hour

The USD/JPY is testing both support Fibonacci levels of wave 2 (orange) and resistance trend lines (red). A break above resistance could see price challenge the Fibs of wave 3 (orange).

1 hour