EUR/USD
4 hour
The EUR/USD is in bullish trend channel (purple) with resistance trend lines (orange) closeby. A bearish bounce would confirm the wave X (green) correction; whereas a bullish breakout would see the larger WXY (purple) develop towards resistance (red).
1 hour
The EUR/USD needs to break below the channel before a bearish correction becomes a more likely scenario. For the moment a bearish ABC (orange) could be taking place but the wave count is vulnerable to change if price stays in the channel and/or breaks above the 100% level.
GBP/USD
4 hour
The GBP/USD seems to have completed the bullish ABC zigzag at horizontal resistance (red). Price is now testing the inner support trend line (green) and a bearish break could indicate a change to a downtrend. A break above resistance invalidates the current wave structure and indicates the potential for an uptrend.
1 hour
The GBP/USD seems to have completed 5 bullish waves within wave C (blue). Price is now respecting a layer of support (green) and has resistance above it. Price will need to break below support before a bearish momentum could start.
USD/JPY
4 hour
The USD/JPY is moving down lower with lots of bearish momentum. Price was not able to break above resistance, which was in accordance with the wave analysis of the previous 2 weeks.
1 hour
The USD/JPY made a bearish break below the support trend lines (dotted green) and seems to be starting a new bearish impulse.
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