US Dollar Bullish And Bearish Bounces Within Triangle Chart Pattern

EUR/USD

4 hour

The EUR/USD bullish correction (wave W) could be part of a larger daily triangle via a wave d-e (green) unless price breaks below the most recent bottom at 1.0850.

1 hour

The EUR/USD bounced at the 61.8% Fibonacci level yesterday. A breakout above resistance (red) could see price move towards the Fib targets as part of a wave C (blue).

GBP/USD

4 hour

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD has continued to build zigzags between support and resistance. Yesterday for instance price bounced at the support trend line and Fibonacci support. A break above resistance (red) would be needed before a potential move towards Fib targets could occur.

USD/JPY

4 hour

The USD/JPY uptrend saw a sturdy pullback last week but price is still above shallow Fibonacci levels of wave 4 (blue). A wave 4 correction (blue) seems likely as long as price stays above the 38.2%-50% Fib area.

1 hour

The USD/JPY could be building a larger correction within a wave 4 (blue) via an ABC (brown). A bullish bounce at the 38.2% Fibonacci level seems likely. If price does not make a deeper retracement to the 38.2% Fib, then I would expect a triangle formation (purple arrows) to emerge. A break above the top could also indicate a breakout.