EUR/USD, GBP/USD Retracements Testing Fibonacci Support Levels

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USDis building a bearish retracement at the moment but price is most likely still part of a larger wave 3 (purple) unless price breaks the support trend lines and Fibonacci levels on the 1 chart.

1 hour

The EUR/USD is testing the support trend lines and Fibonacci levels of wave 4 (green). A bullish bounce and breakout above the resistance trend line (red) could spark a larger uptrend continuation towards the Fibonacci targets of wave 5. A bearish break could indicate that a different wave count is valid although the 50% Fibonacci level of wave 4 remains a strong zone.

GBP/USD

4 hour

The GBP/USDbroke abovethe orange horizontal line which indicates the bottom of wave 1 on a weekly chart and indicates a new wave count for the long-term (see weekly wave analysis next Monday for the newest update).

1 hour

The GBP/USDprice action is looking strongly bearish at the moment but the Fibonacci levels of wave 4 (green) remain potential bouncing spots.

USD/JPY

4 hour

The USD/JPY is indeed breaking through the resistance trend line (dotted red) and resistance fractal with strong bullish candles. The bullish breakout could retest the broken bottom (red) and long-term moving average.

1 hour

The USD/JPY is probably in a wave 1 (purple) at the moment. If price does make a bearish retracement by breaking below the support trend line (blue), then price will probably build a retracement within wave 2 (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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