US Dollar Recovery Rally Encounters Layers of Resistance

3 min read

EUR/USD

4 hour

21-05-2015eu4
The EUR/USD made a drop to lower levels after the break of support (light blue). Both the 38.2% at 1.11 and the 50% Fib at 1.10 are potential support levels.

1 hour

21-05-2015eu1
The strong bearish impulse on EUR/USD seems to consist of an internal 5 wave within wave 3 (green) and hence part of a bigger ABC zigzag (purple). Whether wave 5 of A has been completed is unclear due to choppy price action yesterday.

GBP/USD

4 hour

21-05-2015gu4
The GBP/USD is not able to break below the support trend line (light green) and 50% Fibonacci retracement level.

1 hour

21-05-2015gu1
A break below support could see price retrace to lower Fibs whereas a break above resistance could see price breakout to Fibonacci targets of the wave Y (grey).

USD/JPY

4 hour

21-05-2015uj4
The USD/JPY bullish price action is part of the bigger wave 5 (brown).

1 hour

21-05-2015uj1
The USD/JPY is in an small uptrend channel. A bearish break of the channel could see support at the 38.2% Fibonacci retracement level as part of wave 4 (green).

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