US Dollar Weakens with Sturdy Bearish Momentum

EUR/USD

4 hour

The EUR/USD continued its bullish sentiment yesterday with a rally to higher levels as part of a wave C (purple).

1 hour

Yesterday’s upside seems to be part of a wave 3 (blue) and the current correction could stop at the Fibonacci retracement levels if this is indeed a wave 4 (blue).

GBP/USD

4 hour

The GBP/USD is still correcting via an ABC (orange) in a wave 2 or B (green).

1 hour

Yesterday saw price go sideways as part of a wave 4 (pink) and the bullish break is now most likely part of a wave 5 (pink) of a wave C (orange).

USD/JPY

4 hour

The USD/JPY saw bearish price action yesterday but remains in a large contracting wedge (red and green trend lines). A bearish break below the triangle confirms the completion of wave B (brown) and the start of wave C (brown).

1 hour

The FOMC news event ended a bullish ABC (blue) rally and the bearish impulse could be a signal of an impending wave 1 (purple).

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