USD/JPY continues downtrend, GBPUSD & EURUSD show struggle

February 11, 2016

3 min read

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the support trend line (green). Price is in bullish territory as long as price stays above that support level. Main target is the resistance line (red).

1 hour

11-02-2016eu1
The EUR/USD wave 4 as shown yesterday was invalidated when price retraced deeply. Eventually price did make a bullish bounce but the wave count has been changed to show 2 ABCs (orange) within a wider WXY (green).

GBP/USD

4 hour

11-02-2016gu4
The GBP/USD broke the resistance (orange dotted) of contracting triangle. Price is in a bullish territory as long as the Cable manages to stay above the support trend line.

1 hour

11-02-2016gu1
The GBP/USD has been move up and down in a very choppy manner. A break above or below trend lines is needed before price can escape the consolidation pattern.

USD/JPY

4 hour

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The USD/JPY stayed below the broken the long-term daily and weekly horizontal support levels (dotted blue), after which price managed to break below the 100% and 23.6% Fib levels. The USD/JPY is now heading towards lower targets.

1 hour

11-02-2016uj1
The USD/JPY broke the support (dotted green) of the contracting triangle and has moved down substantially lower. Price is now approaching potential targets (see Fib levels).

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ABC bullish b ounce downtrend eurusd forex gbpusd price resistance line struggle support level trend line USDJPY

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