EUR/USD Breaks Support Trend Line and Expands Wave 2 Correction
|Meta title:EUR/USD builds larger bearish correction
Meta description:The correction is probably part of a larger wave 2 (purple) correction, as long as price stays above the 100% Fibonacci level. A bullish break above resistance (red) could start waves 5.
EUR/USD
4 hour
The EUR/USD broke below the support trend line (dotted blue) which makes a larger bearish correction more likely. The correction is probably part of a larger wave 2 (purple) correction, as long as price stays above the 100% Fibonacci level. A bullish break above resistance (red) could start waves 5.
1 hour
The EUR/USD invalidated the wave 4 (green) pattern and is now probably expanding the wave C (green) within a larger WXY (blue) correction.
GBP/USD
4 hour
The GBP/USD bullish breakout above the long-term resistance trend line (dotted red) is slowing down substantially and building a sideways correction. Price is now testing a key support zone.
1 hour
The GBP/USD is building many ups and downs which could be explained by a potential choppy wave 4 (orange) pattern. A bullish breakout could confirm the continuation of the wave 3 (green).
USD/JPY
4 hour
The USD/JPY is building a lengthy consolidation zone. The price action between the support (blue) and resistance (red) trend lines is showing indecision and requires a breakout before a new trend can emerge.
1 hour
The USD/JPY needs to break the trend lines before the next direction becomes clear.
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