EUR/USD Approaching Important 1.1250 Bounce or Break Spot

3 min read

EUR/USD

4 hour

06-05-2015eu4

Price stopped and retraced at the 23.6% Fibonacci retracement of wave 4 (green) but the EUR/USD is already challenging the top again, which is a bounce or break spot.

1 hour

06-05-2015eu1
The wave count is expecting a bounce back down at resistance (red) as part of a bigger wave X (magenta) correction.

GBP/USD

4 hour

06-05-2015gu4
The GBP/USD is in a triangle chart pattern which is indicated by the support (purple) and resistance (orange) trend lines.

1 hour

06-05-2015gu1
Price stopped at the 38.2% Fibonacci level of wave B (green) but could retrace deeper depending on how price reacts to resistance (orange).

USD/JPY

4 hour

06-05-2015uj4
The invalidation level for the wave D (magenta) of the contracting triangle is the resistance point at wave B (magenta) indicated by the purple resistance line.

1 hour

06-05-2015uj1
The USD/JPY made an impulsive fall yesterday which could be part of an ABC zigzag (purple) correction.

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