EUR/USD4 hourThe EUR/USD is building a contracting triangle chart pattern. Price bounced yet again at the top of the triangle. It could find support again near the bottom of the triangle or at the Fibonacci levels.1 hourThe EUR/USD has made a bearish turn at the resistance level (red). It is now building a bearish ABC zigzag within the corrective pattern (4 hour chart) that is bringing price back to the Fibonacci levels of wave X (blue). A break below the 100% level invalidates the wave structure.
GBP/USD4 hourThe GBP/USD keeps correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple). Price is now approaching the 1st Fibonacci level at the 23.6%. Typically wave 4s retrace to the 38.2% with the 23.6% and the 50% as alternative stopping spots.1 hourThe GBP/USD bounced at the support trend line (green) to complete wave B (blue) as indicated in an earlier wave edition. Price has gained yet another bullish momentum as it breaks above the resistance trend line (dotted orange).
USD/JPY4 hourThe USD/JPY broke the resistance trend line (dotted red) and showed a large bullish momentum to the 61.8% resistance Fib. The bullish price action could still be considered part of an impulsive wave C (blue). The wave count is vulnerable to c hange if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.1 hourThe USD/JPY impulse has been labeled a wave 3 (pink) within the wave C (green). A break below the support trend line (green) invalidates the wave 3-4 development.-------
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