EUR/USD, GBP/USD Uptrend Challenge Key 1.23 and 1.40 Round Levels
|EUR/USD
4 hour
The EUR/USD uptrend still remains intact due to the bullish bounce at support. A bullish breakout above the resistance trend line (dotted red) could indicate the uptrend continuation towards the Fibonacci targets of wave 5 (blue).
1 hour
The EUR/USD bounced at the support trend line (blue) and Fibonacci levels of wave 4 (green). Price is now breaking above the resistance trend line (dotted red), which could spark a larger uptrend continuation towards the Fibonacci targets of wave 5 (green). However, price still faces a larger resistance zone above it (dark red box).
GBP/USD
4 hour
The GBP/USD bounced at the 23.6% Fibonacci level of wave 4 (green) and price is building a bullish channel. A break below the channel could see price test the 38.2-50% Fibonacci support levels.
1 hour
The GBP/USD is building a potential wave B (blue) correction within a larger ABC. A bullish break above the round level of 1.40 invalidates the ABC correction and indicates an immediate uptrend continuation.
USD/JPY
4 hour
The USD/JPY bullish breakout is not seeing any follow through and is now retesting the support levels (blue).
1 hour
The USD/JPY is probably in a wave 1 (purple) but price is also building a triangle pattern (red/blue) and the trend direction will depend whether price is able to break above resistance (red) or below support (blue).
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