Forex

EUR/USD Downtrend Persists and GBP/USD Retraces to 38.2% Fib

November 26, 2015

3 min read

Christopher Svorcik

Analyst

Market research & company updates. No spam, we promise.

EUR/USD

4 hour

The EUR/USD continues its downtrend but the angle of the channel remains shallow. Divergence (purple) and the yearly low (green) also remain present.

1 hour

The EUR/USD broke the channel (dotted green) and posted one more lower low. Price however failed to break below the 138.2% Fibonacci level which therefore does not invalidate the wave X (blue)

GBP/USD

4 hour

The GBP/USD is in a downtrend but a support trend line (green) is nearby, which will act as important bounce or break spot. A break could accelerate the wave 3s (pink/blue), whereas a bounce makes a wave C (purple) more likely.

1 hour

The GBP/USD building a bullish retracement, which is probably a part of wave 4 (blue). The Fibonacci retracement levels and the resistance trend line (red) could act as a resistance.

USD/JPY

4 hour

The USD/JPY is building a bearish ABC (blue) correction, which have difficulties with breaking below the various support lines (green).

1 hour

The USD/JPY is positioned in between flat support (green) and a bearishly angled resistance (red). Price could either have retraced for a wave 4 (green) or could be starting a new bullish impulse (pink).