EURUSD
The bearish momentum could be part of an ABC (magenta) or a wave 3 (blue), which will depend on how slow or fast price retraces back up. In the 1st case a wave 3 is more likely; in the latter an ABC.
4 hour EURUSD:
If further downside occurs then the wave 5 (dark red) would become extended.
60 min EURUSD:
GBPUSD
A bearish wave 3 (magenta) could potentially translate into a decline towards the 161.8% or 261.8% Fibonacci targets. The latter is equal to the weekly bottom (green line).
4 hour GBPUSD:
Yesterday’s bounce at the 38.2% Fibonacci level was a wave 4 (red). A breakout (red arrow) could see a potential further decline towards wave 3 (magenta) Fibonacci targets.
60 min GBPUSD:
USDJPY
Yesterday price action within wave c (red) accelerated towards the 200% Fibonacci target.
4 hour USDJPY:
Now there is a potential wave 4 and 5 (purple) remaining.
60 min USDJPY:
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