EUR and GBP Extend Bullish Momentum but Meet Bears and News

3 min read

EUR/USD

4 hour

29-04-2015eu4
The EUR/USD uptrend continued yesterday and still has some potential space before reaching the previous top (red line). However, many news events are being released today such as the FOMC which could cause serious volatility.

1 hour

29-04-2015eu1
The 1 hour chart shows a lot of momentum, which could be explained by a wave 3 (black) impulse. In that case the top of the wave 1 (purple line) is the invalidation level for wave 4 (black).

GBP/USD

4 hour

29-04-2015gu4
The GBP/USD has used the same broken top (red line) as a support level (turned to green) for yesterday’s bullish bounce up. The GBP/USD is retracing quickly to the upside which could be part of a larger wave B (black). Many news events are being released today such as the FOMC which could cause serious volatility.

1 hour

29-04-2015gu1
The GBPUSD has reached the first target at the 61.8% Fibonacci target but the bullish momentum is still in force (candles are posting new highs).

USD/JPY

4 hour

29-04-2015uj4
The USD/JPY broke below the support trend line (dotted green) but has not pushed below the bigger horizontal support (green). Many news events are being released today such as the FOMC which could cause serious volatility.

1 hour

29-04-2015uj1
The USD/JPY is in a small downtrend channel (blue) but lacks momentum at the moment.

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