EUR/USD and GBP/USD Break Support but Remain in Correction

April 10, 2015

3 min read

EUR/USD

4 hour

The recent bearish momentum on the EUR/USD caused both the break below the support trend line (dotted green) and also the wave count to change to its current form (multiple wave Y’s).

1 hour

Price seems to have completed a bearish zigzag (orange ABC) but the confirmation of the completion occurs when price manages to break above the resistance trend line (orange). A bearish continuation could see price fall towards lower Fibonacci targets.

GBP/USD

4 hour

The GBP/USD also broke below support yesterday and is approaching a bigger bottom (horizontal green), which could be another bounce or break spot.

1 hour

Price could have completed a bearish zigzag (orange ABC) but the confirmation of the completion occurs when price manages to break above the resistance trend line (red). A bearish continuation could see price fall towards lower Fibonacci targets.

USD/JPY

4 hour

The USD/JPY has broken through resistance but the overall picture remains choppy and corrective.

1 hour

Price is in an uptrend channel indicated by the purple lines. For the moment the upside is probably still part of a larger wave X (magenta), unless price starts to break above the 100% Fibonacci target.