EUR/USD Bullish Breakout Approaches 1.10 Resistance on NFP

EUR/USD

4 hour

The EUR/USD broke above the resistance level (dotted red) of the consolidation pattern. There could be a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) but the 1.10 even level could act as a resistance level.

Today the Non-Farm Payroll (NFP) and unemployment figures will be released in the United States, which will typically have a large impact on the volatility of price movement before, during and after the news event.

1 hour

The EUR/USD bullish breakout above resistance (dotted red) started a larger bullish momentum which is taking price towards the Fibonacci targets of wave 5 vs 1+3.

GBP/USD

4 hour

The GBP/USD continues to move sideways within a triangle chart pattern (orange/green lines). The Cable is still in an uptrend as long price stays above the support trend lines (blue/green). A bullish break above resistance (red) could see price challenge the 1.30 round level and Fibonacci targets whereas a bearish break could start a larger correction or reversal.

1 hour

The GBP/USD wave 2 (pink) is invalidated if price breaks below the 100% Fibonacci level of wave 2 vs 1. A bullish break above resistance (orange) could see price push higher to the Fib targets of wave 5.

USD/JPY  

4 hour

The USD/JPY broke the support trend line (dotted blue) and could be starting a larger bearish retracement. The Fibonacci levels (green) could be support levels and stopping points for the potential ABC correction (brown).

1 hour

The USD/JPY seems to have completed the 5th wave (orange) of a 5th wave (brown) and price could be building an ABC (brown) correction. The wave A (brown) might stop at the green support levels.