EUR/USD Develops Bull Flag Chart Pattern at Support Zone
|EUR/USD
4 hour
The EUR/USD is building a bull flag continuation chart pattern above the long-term trend line (blue), local support (blue), and long-term moving average, which favours a wave 4 (green) correction. A bullish break above resistance (red) would confirm the end of wave 4 and start of wave 5.
1 hour
The EUR/USD seems to be building a wave 1-2 (purple) as long as price stays above the 100% Fib level of wave 2 vs 1. A break above resistance (red) line could see the start of wave 3.
USD/JPY
4 hour
The USD/JPY has retested key support zone (green lines), which will act as bounce or break spot. A bullish bounce could see price expand a wave B (brown) correction via an ABC (orange) flat whereas a bearish break would indicate a downtrend continuation and the completion of wave B (brown) at 111 (where A orange is now).
1 hour
The USD/JPY is testing the resistance trend line of the bearish channel (orange lines).
GBP/USD
4 hour
The GBP/USD could have completed a 5th wave (purple) within wave 1 (red). A bearish bounce at the resistance trend line (red) could see price move lower towards the Fib targets of wave 5.
1 hour
A GBP/USD bullish break above resistance (red/orange) could see the start of a wave 2 (red).
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.