EUR/USD, GBP/USD Approach Key Bear-Bull Decision Zones
|EUR/USD
4 hour
The EUR/USDis again challenging the Fibonacci levels of wave 4 vs 3 (blue) after bouncing at the 50-61.8% support zone. A break below the support trend line (blue) and 61.8% Fib of wave 4 makes a bearish scenario more likely. In that case, the alternative outlook is that price is not completing a 123 (pink) but a larger ABC correction (red).
1 hour
The EUR/USD broke the resistance trend line (dotted red) but failed to break above the next resistance (orange). Price is at a key bounce or break spot. A bearish break could indicate a larger bearish ABC (purple).
GBP/USD
4 hour
The GBP/USDfailed to break above the resistance trend line (red) of the consolidation pattern.Price is now testing the larger support trend lines and a bearish break could see price make a bearish reversal.
1 hour
The GBP/USD is testing the support trend line (green) of the corrective pattern. A bearish break could see price fall towards the Fibonacci targets of wave C vs A.
USD/JPY
4 hour
The USD/JPY showed strong bearish momentum after the breakout which means that the current bullish price action could be a retracement within the trend. A bearish bounce at the Fib levels could indicate a continuation towards the round levels of 110.50 and 110.
1 hour
The USD/JPY bearish momentum could be a wave 3 (blue) and the current bullish price movement could struggle at the Fibonacci levels if this is a wave 4.
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