EUR/USD Completes Wave 5 and Reverses at Fibonacci Resistance

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD respected the resistance zone which was indicated by the wave C (blue) of wave X (purple). Price is now in between support (blue) and resistance (red) trend lines. A bearish break would make the current wave pattern likely and could see price challenge the Fibs of wave 2 (pink).

1 hour

The EUR/USD completed its 4 and 5th wave (green) yesterday as expected. Price made a reversal and is now challenging a support trend line (blue). An immediate bearish breakout could see price fall lower whereas a bullish bounce could be part of wave B (blue).

GBP/USD

4 hour

The GBP/USD is in a bullish channel (green lines) but price is close to a key resistance trend line (red).

1 hour

A bullish breakout above resistance (orange/red) could see price move higher towards the Fibonacci targets of waves 5.

USD/JPY

4 hour

The USD/JPY continued lower within wave A (purple). A bullish bounce is probably part of a wave B (purple) correction within a larger wave 2/B (light purple).

1 hour

The USD/JPYcould be building a wave 5 (blue) of waveA (purple). A break above resistance trend line (red) could start wave B (purple).

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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