US Dollar Bears Struggle to Keep Control and Downtrend Intact
EUR/USD
4 hour
The EUR/USD is having a bullish bounce near the daily bottom (green horizontal line).
1 hour
The bullish break above resistance (dotted red) is currently lacking momentum as price has only reached the 100% Fibonacci target. If price does not manage to move higher, then the 123 (green) will most likely turn out to be an ABC correction.
GBP/USD
4 hour
Price bounced back up at the 38.2% Fibonacci retracement level.
1 hour
The GBP/USD could be building a zigzag (ABC magenta) formation within wave Y (green).
USD/JPY
4 hour
The USD/JPY made a quick fall and rise yesterday. The bearish channel (blue) is an interesting tool to monitor for more information whether wave Y (green) is completed or not (a bearish bounce indicates continuation of the wave Y).
1 hour
The price action could be part of a bearish zigzag as indicated by the ABC (purple). The invalidation level of this wave count is the top of wave X (green) which is the 100% Fibonacci level.
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