Major currency pairs reach sturdy Fibonacci levels

EUR/USD

4 hour

The EUR/USD retraced back to the 38.2% Fibonacci level, which caused price to pause. A break down could see price fall deeper towards the 50% and 61.8% Fibonacci levels. A break up could price retest the resistance levels. A break below the support trend line (green) confirms the completion of wave 4 (blue) whereas a bounce at or above support (green) indicates that the wave 4 is not yet finished.

1 hour

Price completed an ABC zigzag (green) and is now moving sideways in a channel. A break of one of the trend lines could suggest whether price is expanding the wave X (purple) lower or whether price is bouncing.

GBP/USD

4 hour

The GBP/USD broke one of the support trend lines (dotted) and fell towards the next trend line and 61.8% Fibonacci level. This is another potential break or bounce spot where a bullish bounce could see price head towards wave Y (blue) and a bearish break could see price test the 78.6% and bottom.

1 hour

The GBP/USD is either in an expanded ABC (blue) or has completed wave X (green) already depending on whether price bounces or breaks.

USD/JPY

4 hour

The USD/JPY has reached a resistance zone, because the broken support could act as resistance.

1 hour

The USD/JPY has made a bearish turn after wave C (green) of wave X (blue) was completed but still needs to break support before wave Y might start.

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