EUR/USD Intra-day Bearish Zigzag at Resistance Fibs

3 min read

EUR/USD

4 hour

12-05-2015eu4
The EUR/USD is retracing lower as part of  a wave B (green) but any of the Fibonacci retracement levels could be bouncing boards for a renewed upside to complete wave C (green).

1 hour

12-05-2015eu1
The EUR/USD broke above a short-term resistance line (dotted orange) but might struggle with moving higher due a potential bearish ABC zigzag pattern (purple) that could occur during today’s trading day.

GBP/USD

4 hour

12-05-2015gu4
The GBP/USD has broken above the horizontal resistance (dashed red) but could stall with the uptrend due to the major 38.2% Fibonacci retracement level of wave B (black). After a small bearish retracement however price is expected to pusher higher as part of an ABC correction (blue).

1 hour

12-05-2015gu1
The GBP/USD has either completed wave 5 (magenta) of wave 3 (green) OR it is building an expanded internal 5 waves (blue). The difference can be seen in the Fibonacci retracement levels of the wave 4s (green vs blue).

USD/JPY

4 hour

12-05-2015uj4
The USD/JPY has bullish momentum but it is approaching a key resistance level (purple), which is the invalidation level of the ABCDE contracting triangle chart pattern at the top of wave B (magenta).

1 hour

12-05-2015uj1
The USD/JPY is building a rising wedge chart pattern which increases the chance of wave Y (purple) being completed.

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