EUR/USD Bullish Momentum Faces Resistance Fibonacci Levels
|EUR/USD
4 hour
The EUR/USD broke above the resistance trend line (dotted red) which is a continuation of the wave 2 (brown) retracement. A break above the 100% level at 1.13 invalidates both waves 2 (brown/green) but bearish breakout below the bottom at 1.11 makes a potential wave 3 more likely.
1 hour
The EUR/USD stopped at the 50% Fibonacci level of wave 2 (brown) but could retrace deeper and higher if indeed an ABC (purple) zigzag occurs.
USD/JPY
4 hour
The USD/JPY is building a retracement which is most likely part of a wave 4 (orange) pullback. A break below the 61.8% of wave 4 vs 3 makes this wave 4 unlikely.
1 hour
The USD/JPY break above resistance (red) could start wave 5 (orange).
GBP/USD
4 hour
The GBP/USD is building an ABC (grey) zigzag within wave 2 (blue).
1 hour
The GBP/USD is moving towards the Fibonacci targets and retracement levels of wave 2 v 1 and wave C vs A.
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