EUR/USD Uptrend Challenges Round 1.20 Resistance Level
|EUR/USD
4 hour
The EUR/USD uptrend remains strong and has reached a solid resistance zone (red lines).A bearish reversal could send the EUR/USD lower to test the wave 2 vs 1 (pink) whereas a bullish breakout could indicate a continuation of the uptrend.
1 hour
The EUR/USD broke above the resistance trend lines (dotted orange) of the rising wedge chart pattern. Price is now testingthe Fibonacci levels of wave X (orange).
GBP/USD
4 hour
The GBP/USD is challenging the previous top (red) which could be a resistance point. A bullish break could see price move towards the Fibonacci targets of waves 5, which seems to be part of a wave 5 (brown) within wave C (green).
1 hour
The GBP/USD seems to have completed an internal 5 wave (grey) pattern within a larger wave 3 (blue/green). A bearish retracement could occur as part of wave 4 (grey) but a break below the 61.8% Fib would make a wave 4 (grey) less likely.
USD/JPY
4 hour
The USD/JPY bearish price action has broken below a larger support trend line (dotted blue), whichcould be part of a larger bearish wave C (purple) correction within wave 2 or B (light purple).
1 hour
The USD/JPY is building a bear flag chart pattern (blue lines) which could be part of a wave 4 (blue) correction. A bearish break of the flag could see price fall towards the Fib targets of wave 5.
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.