US Dollar ABC Zigzag Approaching Support

EUR/USD

4 hour

The EUR/USD broke above the downtrend channel and is now approaching resistance levels. Price is most likely still in a wave C (brown) but a break of the current bottom (purple) could indicate that wave C has been completed.

1 hour

The EUR/USD could be in a wave 4 (purple) shallow pullback. Typically this retracement does not below the 50% Fibonacci level. A bullish bounce could see resistance at 1.11 (red) and the 61.8% Fibonacci target.

GBP/USD

4 hour

The GBP/USD remains present in a choppy downtrend channel. Price is building an ABC correction, which could be near completion as price approaches multiple resistance spots.

1 hour

The GBP/USD retraced for a shallow pullback to the 38.2% support Fib as part of a wave 4 (blue). A break below the support Fibs could lead to a wave count change. The wave 5 (blue) could be short as price has reached strong resistance levels as well: trend line (orange) and wave 4 (pink).

USD/JPY

4 hour

The USD/JPY broke the support level of the entire consolidation zone (dotted green), which expands the wave Y (blue) correction.

1 hour

The USD/JPY made a bullish ABC zigzag yesterday, which took price back to the broken support level (red) and resistance Fibs. A break above this resistance zone would most likely chance the wave count which now shows a wave 4 (pink).

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