EUR/USD
4 hour
The EUR/USD bullish bounce continued all the way to the resistance trend line (orange), which caused price to make a bearish bounce. The bullish rally could be part of larger wave A (purple), which is confirmed with a break of resistance. A break of support (green) could see price fall towards the 78.6% Fibonacci level.
1 hour
The EUR/USD is building a potential 5 wave structure (blue). The 5 wave development is invalidated if price breaks below the top of wave 1 (green line). A bounce at the wave 4 Fibs could see price rally for a wave 5.
GBP/USD
4 hour
The GBP/USD broke below the downtrend channel and the daily bottom but made a bullish retracement near the 1.45 round number. The bearishness seems to be part of wave 5 (blue).
1 hour
Within wave 5 (blue) the GBP/USD seems to have completed 5 bearish waves (green/pink). The downtrend could expand with for instance the waves 5 leading towards a larger wave 1 (purple). For the moment a bullish momentum is visible, which could lead towards an ABC (pink) correction within potential wave 2 (purple).
USD/JPY
4 hour
The USD/JPY downtrend remains strong as long as price remains below the resistance trend line (orange).
1 hour
The USD/JPY seems to have completed a wave 5 (pink) within wave 3 (green) and is now building a corrective wave 4 (green). The correction is unfolding via an ABC (pink) correction.
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