Trend Channels and Key Levels Dominate the Major Currency Pairs

3 min read

EUR/USD

4 hour

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The EUR/USD is in a downtrend channel which is indicated by the orange trend lines. Price however is approaching the previous bottom (green line).

1 hour

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Price has reached the 161.8% Fibonacci target but could fall further especially if it stays below the resistance (orange).

GBP/USD

4 hour

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The GBP/USD has approached the previous bottom (green line) and could either bounce up as part of a bigger consolidation or break lower as part of the down trend.

1 hour

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The 1 hour chart shows the potential for one more fall within the wave C (orange) to complete 5 waves (light blue).

USD/JPY

4 hour

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More evidence of bullish momentum is needed before the wave count is changed.

1 hour

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The USD/JPY is in an uptrend channel (purple) but the overall picture remains choppy and corrective.

 

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