EUR/USD Builds Bullish Momentum but Meets Potential Bearish Zigzag

EUR/USD

4 hour

The EUR/USD uptrend could have completed an ABC zigzag (light green) yesterday. The zigzag might complete wave W (magenta) but for the moment the preference is given to wave WXY (orange).

1 hour

The 1 hour chart had a break of the uptrend channel and saw a further acceleration of the bullish momentum with 5 waves within the C leg yesterday. The X vs W Fibonacci retracement levels could act as support and bounce spots.

GBP/USD

4 hour

The ABC (orange) zigzag could complete the wave Y (green) correction but that depends on this week’s price action. A failure to break the current high could indicate the completion of wave Y (blue) but not necessarily the conclusion of wave B (black) as the count could expand with a bigger WXY.

1 hour

This week’s bullish momentum was expected but at the moment the GBPUSD could be making a bearish ABC zigzag correction (magenta).

USD/JPY

4 hour

The USD/JPY bullish move encountered resistance and could have completed the wave X (purple).

1 hour

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

Twitter: @elitecurrensea

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