EUR/USD
4 hour
The EUR/USD completed the bullish wave C (blue) but the support trend lines (green) need to break before the waves Y of wave 4 (blue) can be considered completed. Until the trend lines break, the current bearish price action could still be a bearish retracement for an uptrend continuation.
1 hour
The EUR/USD seems to have completed a bearish wave 5 (blue) of wave A (purple). For the moment a bearish ABC zigzag (purple) seems the most logical path of least resistance for price. The wave count could turn into a 123 if price breaks below support.
GBP/USD
4 hour
The GBP/USD broke the inner support trend line (dotted green) but has an outer and shallower support trend line remaining (solid green). A break of that support trend line would confirm the downtrend on the GBP/USD whereas a bounce at support could indicate an expansion of the uptrend.
1 hour
The GBP/USD completed a 5th wave (green) within wave A (pink). For the moment a wave B (pink) correction seems the most likely scenario unless price break below the channel.
USD/JPY
4 hour
The USD/JPY is showing a strong bullish bounce after breaking a resistance trend line (dotted red). The bullish price action could be a first signal that the US Dollar can make a decent rally.
1 hour
The USD/JPY has respected the 61.8% Fibonacci level of wave B (purple). A break above the resistance trend line (red) could see the continuation of wave C. A break below support (blue) could see price fall towards the Fibonacci levels of B vs A or break the bottom and extend the downtrend.
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GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
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