Euro Bullishness Breaks Resistance & has Major Targets in View

3 min read

EUR/USD

4 hour

07-05-2015eu4
The break above the top and 23.6% Fibonacci retracement level means the completion of the wave X (magenta) and the continuation of the wave Y (magenta). Eventually price could reach the 38.2% Fib (long-term target).

1 hour

07-05-2015eu1
The intermediate targets are closer by and show 1.1420 as a point of Fibonacci confluence, followed by 1.15 and 1.1585-1.16. The invalidation level of wave 4 (green) is the top of wave 1 (green).

GBP/USD

4 hour

07-05-2015gu4
The GBP/USD could have completed the wave X (grey) at the 50% Fibonacci.

1 hour

07-05-2015gu1
At the moment the GBP/USD is building a shallow uptrend channel (blue).

USD/JPY

4 hour

07-05-2015uj4
The USD/JPY is most likely still in the wave D (magenta), which is part of a bigger contracting triangle (ABCDE).

1 hour

07-05-2015uj1
Whether the USD/JPY has completed the wave X (green) is unsure. A push below support (green) could see price fall to lower Fib levels whereas a break above resistance (orange) could see price move higher.

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