The EUR/USD is showing a new lower low but still has some space left towards the two main Fibonacci targets. The oscillator will need to move down a lot lower and break below the previous bottom (purple) to avoid double divergence. The FOMC meeting minutes could heavily impact price action during today.
The pace of the EUR/USD’s bearish wave 3 has been rather slow and price has only just managed to reach the 100% Fibonacci level. Typically waves 3 should reach the 161.8% target.
The GBP/USD is currently still in a wave 4 (green), which will be invalidated once price crosses the bottom and origin of wave 1 (red line). A bearish break of the small triangle (green/orange lines) could see price continue its downtrend for wave 5 (green) of wave 3 (pink). The FOMC meeting minutes could heavily impact price action during today.
The GBP/USD has not started its wave 5 (green) impulse as yet and remains in between the support (green) and resistance (red) trend lines. Price still seems to be in a wave 4 (green) but a break above the resistance (red) invalidates the wave 4 count.
The USD/JPY is hesitating to break the previous top. The FOMC meeting minutes could heavily impact price action during today.
The USD/JPY could still be in a wave 4 (green) retracement but in that case, price will need to respect one of the three Fibonacci levels mentioned on the chart.
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