EUR/USD Bullish Breakout Above 1.23 Resistance and Bearish Channel

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD broke above the resistance (dotted red) of the bearish trend channel after bouncing at support trend lines (blue), which could indicate the end of the wave 4 (purple) correction. A bullish continuation could indicate the start of wave 5 (purple) within wave 3 (pink).

1 hour

The EUR/USD broke above the resistance levels and fractals of wave 4 (orange) and the top of wave 1 (blue). The bullish breakout could be part of a wave 3 (blue). This wave count could get confirmed if price manages to reach the 161.8% Fibonacci target at the minimum before building a wave 4.

GBP/USD

4 hour

The GBP/USD failed to break below the previous lowwhich indicate failure to continue with the downtrend. The Cable could be respecting the Fibonacci levels of wave 4 vs 3 (green) and a bullish breakout could indicate the start of wave 5.

1 hour

The GBP/USD is at crossroads. It could break above resistance (orange) and invalidate the wave 4 correction (orange), which means that a bullish wave (blue) could start. Or price will bounce again at resistance and complete the 5th bearish wave (orange) before completing wave C (grey).

USD/JPY

4 hour

The USD/JPY is retesting a strong supportzone again (green/blue). A break below this support zone could indicate a bearish continuation within wave 2/B (light purple) whereas a bullish bounce could see price complete the wave B/2.

1 hour

The USD/JPYis showing strong bearish breakout candles below the support trend line (dotted blue). A break below the 100% Fib invalidates the wave 1-2 reversal.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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