EUR/USD Rising Wedge Struggles with Bullish Break at 1.20
|EUR/USD
4 hour
The EUR/USD respected the 78.6% Fibonacci resistance level of wave X vs W. Price could be building an extended WXY (red) correction within wave 4 (blue) unless price shows strong bullish candles once breaking above the resistance trend lines.
1 hour
The EUR/USD seems to be building a rising wedge chart pattern at 1.20 when comparing the angle of the support (blue) trend line with the angle of the resistance (red). A break below support could see the start of wave Y (red) whereas a bullish break could see price test higher Fibonacci levels of wave X vs W.
GBP/USD
4 hour
The GBP/USD is building a small triangle pattern (red/green) after its bearish retracement within the larger uptrend. A bullish breakout above resistance (red) could restart the wave3 (blue).
1 hour
The GBP/USD is moving sideways and offers a key support (green) and resistance (red) trend line. A break below the top of wave 1 (blue) invalidates the wave 4 (grey).
USD/JPY
4 hour
The USD/JPY seems to be in a 5th wave (blue)which could be part of a wave 1 (light green) or alternatively wave A (green).
1 hour
The USD/JPY is in a bullish trend channel (green/red). The bullish momentum could be finished if price manages to break below support (green/blue).
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.