EUR/USD Bullish Zigzag to 78.6% Fibonacci Resistance
|EUR/USD
4 hour
The EUR/USD broke above the resistance trend line (dotted red) and is moving up towards the 78.6% Fibonacci retracement level of wave 2 vs 1. Any price action above the 100% level invalidates the wave 2 (brown).
1 hour
The EUR/USD is expanding the correction via a WXY (green) via an ABC zigzag (orange).
USD/JPY
4 hour
The USD/JPY seems to be building a wave 2 correction (blue), which would be invalidated if price breaks below the 100% level. The Fibonacci levels of wave 2 vs 1 are potential support levels.
1 hour
The USD/JPY completed a 5 wave structure (brown) within a first wave (blue). Price now seems to be retracing back to the Fibonacci levels of wave 2 vs 1 via an ABC zigzag (brown).
GBP/USD
4 hour
The GBP/USD could be building a larger ABC zigzag (blue) and hence the Fibonacci levels of wave C vs A could act as targets. Within wave C (blue) price seems to be building a 5 wave (orange) structure.
1 hour
The GBP/USD seems to be in a wave 3 (orange) momentum, which could last towards the Fibonacci targets of wave 3 vs 1. A wave retracement cannot retrace below the top of wave 1 (orange).
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