EUR/USD
4 hour
The EUR/USD broke the support trend line (dotted green) and the wave count now shows the ABC (orange) completing the wave Y (green). Whether the bearish break is a reversal for more downside or a retracement for more upside remains to be seen. The purple trend lines could provide an indication of which direction might become more likely.
1 hour
The EUR/USD seems to be in a correction. A break below the 50%/61.8% Fibonacci increases the likelihood that price is not retracing but reversing. A break above resistance (red) increases the chance that the bearish price action is a retracement.
GBP/USD
4 hour
The GBP/USD bearish momentum could be an indication of a reversal. A break below the support (green) and 100% Fibonacci level would indicate that the uptrend channel is finished and the wave Y (blue) would move to the recent high. A bullish bounce at support could indicate that the ABC (pink) might indeed take place.
1 hour
The GBP/USD is approaching a decision spot where price will either display a bullish bounce or a bearish break.
USD/JPY
4 hour
The USD/JPY remains in a sideways consolidation zone (orange/green). A break below the support trend line (green) could indicate a continuation of the ABC (blue) towards the 38.2% Fibonacci level of the bigger wave B (green).
1 hour
The USD/JPY used the support trend line (green) for a bullish bounce. Price is now approaching a new resistance zone which consists of the Fibonacci retracement levels and the trend line (red). A bearish turn could indicate that wave B (blue) is completed. A break above the 100% level indicates the invalidation of the potential ABC.
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