EUR/USD Prepared for Bullish ABC Zigzag Pattern
|EUR/USD
4 hour
The EUR/USD bounced at the 50% Fibonacci retracement of wave B vs A and it seems to be completing an ABC (green) zigzag within a wave 2 correction (brown). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.
1 hour
The EUR/USD broke above the resistance (dotted orange) of the choppy, corrective pattern and price could be heading towards the Fibonacci targets of wave C (green). A bull flag chart pattern should appear once the wave 3 (orange) has finished.
GBP/USD
4 hour
The GBP/USD downtrend is testing the low of the year 2016. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.
1 hour
The GBP/USD bounced at the support trend lines (blue/green) and is now retracing within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate the wave 4 (brown).
USD/JPY
4 hour
The USD/JPY temporarily stopped the 23.6% Fibonacci retracement level of wave 4 (purple) but will probably retrace to the deeper 38.2% Fibonacci level.
1 hour
The USD/JPY is most likely building an ABC zigzag (brown) pattern. A break below support (green) could see price fall towards the Fib targets of wave C vs A.
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