EUR/USD Bullish Bounce at 50% Fibonacci and 1.1750 Support
|EUR/USD
4 hour
EUR/USD retraced back to and bounced at the 1.1750 support level. Price then broke above the resistance trend line (dotted red) and therefore could be extending the wave 3 (pink).
1 hour
The EUR/USD bounced at the 50% Fibonacci level of wave 4 (purple). There could be a wave 5 (purple) continuation as long as price stays above the support trend line (blue).
GBP/USD
4 hour
The GBP/USD broke above the resistance (dotted orange) trend line and moved up to retest the higher Fibonacci level at 1.3260. A breakout above the top (100% Fib) or below the support trend line (green) is needed before a larger directional move can be expected.
1 hour
The GBP/USD has expanded the choppy correction via a complex correction of WXY (green) and price has now reached the top of the channel (red), which could create a bearish bounce back to test the bottom of the channel.
USD/JPY
4 hour
The USD/JPY’s is moving lower as part of wave 2 or wave B (light purple). The 38.2% Fibonacci support level could be the next target of the bearish price action at 111.83.
1 hour
The USD/JPY completed an ABC (blue) within wave B (blue) and broke below support (dotted blue) to continue with wave C (blue). Price is now building a falling wedge chart pattern (green/red lines). Price will need to break below support if it is able to accelerate the downtrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.