EUR/USD, USD/JPY Pullback to 78.6% Fib at 1.0750 and 112.50
|USD/JPY
4 hour
The USD/JPYis building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).
1 hour
The USD/JPY could be in a wave 5 (pink) of wave C (orange).
EUR/USD
4 hour
The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).
1 hour
The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.
GBP/USD
4 hour
The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.
1 hour
The GBP/USD is building a rising wedge chart pattern (green/red) within wave E. A bullish break could see price test the 61.8% Fibonacci level. A bearish break below support (green) could see price challenge the MA (dotted purple)
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.