Will Multiple Divergence on EUR/USD Conclude the Down Trend?

3 min read

EUR/USD

4 hour

28-05-2015eu4
The EUR/USD made one more push lower and then bounced at the 100% Fibonacci level of C vs A. Price needs to break above the resistance trend line before it becomes clear that wave C (purple) has been completed.

1 hour

28-05-2015eu1
The EUR/USD has multiple divergence on the 1 hour chart which could be a signal that the downtrend is reaching a level of exhaustion.

GBP/USD

4 hour

28-05-2015gu4
The GBP/USD only bounced a bit at the 38.2% Fibonacci level of wave X vs W before contain lower. The next potential bouncing spot is the 50% Fib. There is a confluence of support as well at 1.51 (+61.8%, 161.8%, trend line).

1 hour

28-05-2015gu1
The GBP/USD is building a bearish channel within the wave 5 (magenta).

USD/JPY

4 hour

28-05-2015uj4
The USD/JPY bull run has moved up close to 300 pips this week and could struggle at the 61.8% Fibonacci target, although later on at least one more wave 5 is expected (magenta).

1 hour

28-05-2015uj1
The USD/JPY made a small and short wave 4 (purple) before continuing to higher price levels as part of the wave 5 (purple).

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