EUR/USD Bearish Targets of ABC Zigzag

July 30, 2015

3 min read

EUR/USD

4 hour

The EUR/USD was unable to break above resistance (red) and is correcting lower as part of a wave X (lavender) unless price manages to break below the main support level (green).

1 hour

The EUR/USD broke below the support trend line (green) as part of an impulse, which most likely is an ABC zigzag formation (blue).

GBP/USD

4 hour

The GBP/USD continued its rally yesterday and turned at the confluence of the 61.8% Fibonacci target and resistance trend line (red).

1 hour

Yesterday’s ABC (dark green) probably completed the wave W (orange) and the retracement could be part of the wave X (orange).

USD/JPY

4 hour

The USD/JPY is in a bullish breakout but the strong resistance (red) level could stop price as part of a wave X (lavender). The wave count remains labeled a WXY (blue/lavender) unless price manages to break above the resistance.

1 hour

The USD/JPY broke above the resistance trend line (red) but the angle of the break is shallower than the price action movement prior to it, which confirms the corrective price action. The wave count would probably change if price breaks above the 100%-161.8% Fibonacci levels.