EUR/USD
4 hour
The EUR/USD could be in a wave B (purple) bearish retracement but the bullish price action looks strong. A push higher could occur based on yesterday’s bullish bounce but a break above the 100% Fibonacci level invalidates the wave B zigzag pattern.
1 hour
The EUR/USD break below support (blue) could see price fall towards the Fibonacci levels of wave 2 (pink). A break above the 100% Fib could indicate an extension of wave 1 (pink), although new resistance levels are nearby (red lines).
USD/JPY
4 hour
The USD/JPY bullish channel could indicate the completion of wave 2 or wave B (purple) at the 50% Fibonacci level. The key level is the 50% Fib of wave X (pink) because a bearish bounce could see price fall towards the 61.8% at 110. Strong bullish momentum makes a wave X (pink) unlikely.
1 hour
The USD/JPY is either in a wave C (blue) or wave 3. A wave C is more likely if price stops at the 50% Fib of wave X vs W.
GBP/USD
4 hour
The GBP/USD made another bullish breakout above a resistance trend line (orange) yesterday. Price could be in a wave 1-2 (green) unless price manages to show a continued bullish breakout and reach the 161% Fibonacci level of wave 3 (brown).
1 hour
The GBP/USD is in a bullish trend channel and could be building a wave 1 (green) within wave 3 (brown). Currently price seems to be building a slight rising wedge which could cause a bearish retracement.
