EUR/USD Develops Bullish Momentum and Wave 3 Pattern

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD bullish breakout is continuing with momentum towards the previous top and next resistance trend line (red). A break above that could confirm a full uptrend continuation within wave 5 (purple).

1 hour

The EUR/USD bullish breakout above the resistance levels and fractals of wave 4 (orange) is indeed acting as a wave 3 (blue) so far with price going above the 161.8% Fibonacci target. Price could make a retracement but if price uses the support zone (purple lines) as a bouncing spot, then price could see another potential rally towards the resistance and Fib targets.

GBP/USD

4 hour

The GBP/USD seems to be respecting the Fibonacci levels of wave 4 vs 3 (green) and a bullish breakout above the previous tops (dotted orange) indicate the start of wave 5 (green). A break above the next resistance (red) trend line could confirm a bullish breakout.

1 hour

The GBP/USD broke above resistance (dotted orange) and completed wave C (grey). The next bullish breakout could confirm a wave 3 (blue) pattern.

USD/JPY

4 hour

The USD/JPYbroke below the strong supportzone (dotted green). The break below this support zone invalidates the previous wave pattern and indicatesa bearish continuation within waveB (red).

1 hour

The USD/JPYcould pullback to the broken support (dotted green) and use the same levels as potential resistance.

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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