EUR/USD
4 hour
The EUR/USD stayed in between the support (green) and resistance (red) trend lines and showed an overall choppy trading day yesterday. The choppiness could be explained by a wave B correction (blue) within a larger ABC (blue).
1 hour
A break above the resistance trend line (red) could be part of an ABC (blue) within wave Y (purple) of wave 2. A break of support invalidates the ABC structure.
GBP/USD
4 hour
The GBP/USD broke above the consolidation zone (dotted orange) and moved up to and respected the 38.2% Fibonacci retracement level. Considering the strong bullish momentum, the price action could be part of a larger ABC (green) within wave 2 (orange) and bring the correction up to a deeper Fibonacci retracement.
1 hour
The GBP/USD broke the resistance trend line (dotted red) in a strong and powerful wave 5 (blue).
USD/JPY
4 hour
The USD/JPY bearish turn has been a slow mover so far. Price still will need to break below the range before a bigger wave 3 (purple) thrust becomes more likely. A break of the top of the range (purple line) invalidates the current wave count with B (brown) and 1-2 (purple).
1 hour
The USD/JPY potentially retraced with one more wave 1-2 (orange) formation. The price action has been slow and choppy. A strong break below support (green) could be needed before the 1-2 formations become confirmed.
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