EUR/USD, GBP/USD Remain below Resistance Fibonacci Levels

EUR/USD

4 hour

The EUR/USD is moving sideways within a consolidation zone as it is not able to break above the broken support levels (dotted greens) to invalidate the wave 3 (brown) nor below the support levels (blue/green) to confirm it.

1 hour

The EUR/USD could still be in a lengthy wave 4 (purple) correction unless price manages to break above the Fibonacci levels of wave 4 vs 3.

GBP/USD

4 hour

The GBP/USD has broken above the resistance of the bearish channel (dotted red), which could indicate a potential larger retracement or perhaps reversal. A break below the previous bottom (blue line) could see a price extension towards the Fibonacci targets.

1 hour

The GBP/USD is in a wave 4 (orange) unless price breaks above the 61.8% Fib. The bullish break of the resistance in the downtrend channel could be a first warning of a larger retracement but the Fibonacci levels of wave 4 vs 3 could still act as a bearish turning spot.

USD/JPY

4 hour

The USD/JPY uptrend broke above the resistance level (dotted red) and could extend towards the Fib targets but the break has been choppy and slow so far (see 1 hour chart). An ABCDE triangle formation seems more likely.

1 hour

The USD/JPY bullish breakout above the resistance (dotted red) was choppy and corrective and has been labelled as an ABC (pink). The wave count has now been changed to an ABCDE (green) triangle pattern. Wave E (green) may not break below the 0% level otherwise it would be invalid.

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