Major Break or Bounce Spots for EU, GU and UJ

EUR/USD

4 hour

The wave B count (magenta) has become less likely due to the EUR/USD break below the trend line support (light green) during the FOMC statement yesterday.

1 hour

The invalidation level is the bottom of wave A (magenta) which is the 100% Fibonacci level at 1.0725.

GBP/USD

4 hour

The GBP/USD bounced at the support trend line (light green) in yesterday’s trading but failed to break resistance (red) and thus is still within a wedge with support and resistance trend lines nearby.

1 hour

The GU is back to a support trend line which is a bounce or break decision spot. The current wave count shows more potential for a turn at wave B (magenta) and a rise back to resistance (red).

USD/JPY

4 hour

The USD/JPY is approaching a resistance zone with a trend line (orange) and a top (red), which could be either a break or bounce spot.

1 hour

For the moment the wave count has been marked as WXY (green) but it depends how price will react to the resistance (red) and support (purple).

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