EUR/USD Wave 2 Pullback at 1.1250 Resistance
|EUR/USD
4 hour
The EUR/USD showed strong bearish momentum which is why it has been marked as a wave 1 (brown). However, price will need to break below the support trend line (blue) to confirm the end of the long-term uptrend.
1 hour
The EUR/USD is building a potential ABC (blue) zigzag within wave 2 (brown). A break above the 100% Fib level and resistance (red) invalidates the bearish reversal.
USD/JPY
4 hour
The USD/JPY seems to be building bullish momentum (orange 3) within wave C (brown) after breaking above the resistance trend line (red).
1 hour
The USD/JPY could have completed wave 3 (purple) and retraced back to the 38.2% Fibonacci level within the wave 4 (purple) correction.
GBP/USD
4 hour
The GBP/USD could be building a correction within wave 2 (blue). A bearish breakout below support (green) could confirm wave 3 (red) but a break above the 100% Fib level invalidates wave 2 (blue).
1 hour
The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.
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.