EUR/USD Bullish Momentum Faces Resistance Fibonacci Levels

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD broke above the resistance trend line (dotted red) which is a continuation of the wave 2 (brown) retracement. A break above the 100% level at 1.13 invalidates both waves 2 (brown/green) but bearish breakout below the bottom at 1.11 makes a potential wave 3 more likely.

1 hour

The EUR/USD stopped at the 50% Fibonacci level of wave 2 (brown) but could retrace deeper and higher if indeed an ABC (purple) zigzag occurs.

USD/JPY

4 hour

The USD/JPY is building a retracement which is most likely part of a wave 4 (orange) pullback. A break below the 61.8% of wave 4 vs 3 makes this wave 4 unlikely.

1 hour

The USD/JPY break above resistance (red) could start wave 5 (orange).

GBP/USD

4 hour

The GBP/USD is building an ABC (grey) zigzag within wave 2 (blue).

1 hour

The GBP/USD is moving towards the Fibonacci targets and retracement levels of wave 2 v 1 and wave C vs A.

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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