EURUSD
The EURUSD has pushed above the down trend channel (orange) but did not manage to break last week’s high (red). It remains to be seen whether waves 5 (blue and magenta) are completed or whether the bullish momentum is a retracement for more downtrend.
4 hour EURUSD:
The timing of when a trend will head into a bigger consolidation can always be too early or late, but at the moment the bullish momentum could be best explained by a 5 wave (magenta) belonging to a bigger correction (ABC blue).
60 min EURUSD:
GBPUSD
The invalidation level of the current wave 3 (purple) count is the top of wave 1 (purple) which is marked by the 100% Fibonacci level. A break of resistance however could be an early indication that waves 5 (red and blue) have already been completed.
4 hour GBPUSD:
The GBPUSD’s price action has been very corrective and has formed a triangle (orange and green lines).
60 min GBPUSD:
USDJPY
The USDJPY is most likely correcting to lower levels for a wave 4 (magenta).
4 hour USDJPY:
On lower time frames the USDJPY could either be in wave X or Y (purple) at the moment. The chart is currently showing wave Y (blue) of wave X (purple).
60 min USDJPY
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