Bullish US Dollar Momentum Shatters Major Trend Lines

3 min read

EUR/USD

4 hour

25-05-2015eu4
The EUR/USD has broken below the support trend line (blue) and is in a bearish zigzag (indicated by the purple ABC).

1 hour

25-05-2015eu1
EUR/USD broke the smaller 1 hour bear flag (green) to complete wave B (purple) and start wave C (purple).

GBP/USD

4 hour

25-05-2015gu4
The GBP/USD broke below the support trend line (green) and is retracing to lower Fibonacci levels of wave B (blue).

1 hour

25-05-2015gu1
The GBP/USD failed to break the resistance (orange) and bounced back down. Price could now be falling towards the Fibonacci targets of wave Y (green).

USD/JPY

4 hour

25-05-2015uj4
The USD/JPY bounced indeed at the 38.2% Fibonacci retracement level of wave 4 (green) and is now approaching major resistance levels (red).

1 hour

25-05-2015uj1
The USD/JPY broke above the bull flag pattern (orange lines) for a bullish continuation.

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