EUR/USD Challenges Critical 61.8% Fibonacci Support Zone

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD bounced at the 61.8% Fibonacci level of potential wave B (purple). A break above the resistance trend line (orange) would confirm a bullish breakout within wave C of wave X (pink). A break below the support trend line and 78.6% Fibonacci level makes a bullish ABC less likely and price will probably continue lower as part of wave 4 (light purple).

1 hour

The EUR/USDbroke above the falling wedge (dotted red) and could be building a wave 1-2 if price stays above the 100% Fibonacci level of wave 2 vs 1.

GBP/USD

4 hour

The GBP/USD offers two main scenarios where either a bearish ABC (green) or a wave 123 (green) is taking place. Price invalidates that wave 4 (orange) correction if price breaks above the resistance trend line (yellow). A break below the support trend line (blue) increases the chance of a bearish break within wave 5 (orange).

1 hour

The GBP/USD broke below tow support trend lines (dotted blue) and fell towards the 50-61.8% Fibonacci levels. A bounce and break above resistance (yellow) could indicate a bullish structure whereas a bearish break could continue the wave 5 (orange).

USD/JPY

4 hour

The USD/JPY could be building a larger WXY (pink) correction within wave 2 or B (purple).

1 hour

The USD/JPYbullish break above the resistance trend line(dotted red) could be part of a bullish wave X (pink) correction.

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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