EUR/USD Jammed Between Resistance Fibs & Support Lines

EUR/USD

4 hour

Whether the EUR/USD is indeed in a wave 1-2 (brown) depends if price will make a bearish turn prior to breaking the top (purple line / 100% Fib). A break of the various support levels (green) could initiate the start of the wave 3 or C (green).

1 hour

A break above the local resistance (red) and 78.6% Fibonacci level could see price move up to complete wave 5 (green) at for instance 1.1420-25. A break below the support Fibonacci levels (4vs3) and 2 of the trend lines could indicate that wave 5 (green) has most likely been completed (as shown in the 4 hour chart).

GBP/USD

4 hour

The GBP/USD has made a bearish turn at the 50% Fibonacci retracement level but the upside price action has more momentum and hence I have labeled the waves as ABC (green) within wave 2 (orange). Price has potential space towards the 61.8% or 78.6% Fibonacci levels.

1 hour

The GBP/USD made a deeper wave B (blue) yesterday before falling back down as part of a larger ABC (blue) correction. The zigzag seems to be part of a wave B (green) correction within wave 2 (orange).

USD/JPY

4 hour

The USD/JPY break below support (blue) could signal the start of wave 3 (purple) whereas a break above resistance (purple) invalidates the current bearish wave structure.

1 hour

A USD/JPY channel has a mild downside slope which could be part of 1-2 wave formation. A break of 1 of the 2 trend lines is needed before price could be expected to show more momentum.

Twitter: @elitecurrensea

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