Bullish EUR/USD Retraces to 50% Fib Level of Wave-4

Listopad 16, 2017 06:00

EUR/USD

4 hour

EUR/USD reached the 161.8% Fibonacci target of wave 3 (pink) after breaking above the 1.1750 resistance. The current bearish price action could be a retracement within this impulsive wave 3 pattern (pink).

1 hour

The EUR/USD is probably building multiple wave 3s now. The Fibonacci levels of wave 4 (purple) could act as support and create a potential bouncing spot for a continuation of wave 3 (pink).

GBP/USD

4 hour

The GBP/USD is unable to break the support (blue) and resistance (red) trend lines. A breakout is needed before a larger directional move can be expected, although a bullish breakout still faces resistance from the Fibonacci levels of wave 2 (orange).

1 hour

The GBP/USD could be expanding the choppy correction via a complex correction of WXY (green).

USD/JPY

4 hour

The USD/JPY's choppy bearish trend channel bounced at the 23.6% Fibonacci level. A bearish breakout below the 23.6% Fib could see a drop lower to the Fibonacci levels of wave 2 or wave B (light purple).

1 hour

The USD/JPY is testing the Fibonacci support and trend line (blue). Price could be building an ABC (blue) within wave B (blue).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Download MT4 Supreme Edition - Forex trading platform