EUR/USD
4 hour
The EUR/USDis again challenging the Fibonacci levels of wave 4 vs 3 (blue) after bouncing at the 50-61.8% support zone. A break below the support trend line (blue) and 61.8% Fib of wave 4 makes a bearish scenario more likely. In that case, the alternative outlook is that price is not completing a 123 (pink) but a larger ABC correction (red).
1 hour
The EUR/USD broke the resistance trend line (dotted red) but failed to break above the next resistance (orange). Price is at a key bounce or break spot. A bearish break could indicate a larger bearish ABC (purple).
GBP/USD
4 hour
The GBP/USDfailed to break above the resistance trend line (red) of the consolidation pattern.Price is now testing the larger support trend lines and a bearish break could see price make a bearish reversal.
1 hour
The GBP/USD is testing the support trend line (green) of the corrective pattern. A bearish break could see price fall towards the Fibonacci targets of wave C vs A.
USD/JPY
4 hour
The USD/JPY showed strong bearish momentum after the breakout which means that the current bullish price action could be a retracement within the trend. A bearish bounce at the Fib levels could indicate a continuation towards the round levels of 110.50 and 110.
1 hour
The USD/JPY bearish momentum could be a wave 3 (blue) and the current bullish price movement could struggle at the Fibonacci levels if this is a wave 4.
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
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