EUR/USD Bearish Wave 4 Retracement within Bullish Trend

Listopad 27, 2017 05:00

EUR/USD

4 hour

The EUR/USD uptrend is probably part of a wave 5 (purple) within a larger wave 1 (pink). Together with the previous resistance (red), the Fibonacci targets could act as potential resistance for the end of wave 1.

1 hour

The EUR/USD is probably building a wave 4 retracement (green) within the uptrend. A break above resistance (red) could indicate a bullish continuation towards the Fib targets of wave 5 whereas a break below the 78.6% Fib invalidates the current wave 4.

GBP/USD

4 hour

The GBP/USD channel has reached a key decision zone: the resistance of the sideways range (red). A bullish breakout above the resistance (red) could indicate a new uptrend whereas a bearish breakout could see price fall back to the bottom of the range (blue).

1 hour

The GBP/USD Is building a bullish channel, which offers key decision zone for a bearish and bullish breakout and bounces. A break below the channel could indicate a bearish reversal whereas a bounce at support could indicate a continuation of the uptrend.

USD/JPY

4 hour

The USD/JPY bounced at the 50% Fibonacci support level and price could expand the bearish correction via a new WXY (pink) pattern. A bearish breakout below support (blue) could indicate that price will continue to fall within the bearish channel.

1 hour

The USD/JPY could be building an ABC (blue) pattern within the wave X (pink).

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

MT4 Supreme Edition + Volatility Protection