EUR/USD
4 hour
The EUR/USD has bounced at the support trend line (green). The bullish bounce has strong resistance levels above it and a break of the top and the 38.2% Fib at 1.17 is not expected.
1 hour
The EUR/USD did indeed show a bullish bounce at the bottom (wave B) and is now rallying as part of an ABC correction (purple).
GBP/USD
4 hour
The GBP/USD bounced off the horizontal support level (green) for the 2nd time which most likely created a double bottom. Once a 5 wave impulse is completed then the typical correction will occur via an ABC.
1 hour
A break of the resistance trend line (red) could indicate the potential for wave C (magenta) to rally higher.
USD/JPY
4 hour
The USD/JPY moved back to the moving averages and now broke below the support trend line (dotted green) which could indicate the potential start of wave 5 (purple).
1 hour
The bearish price action is either an impulsive wave (123) as indicated in the image or alternatively an expansion of the bullish correction. A breakout above resistance (orange) would indicate the need to change the wave structure from a wave 4 to a corrective wave W or wave X.
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