EUR/USD, GBP/USD Take a Pause after 300+ Pip Bullish Move

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USDbullish breakout within the uptrend is now building a sideways retracement. The consolidation zone is most likely just a correction before the bullish trend continues towards the Fibonacci targets of wave 5 (blue).

1 hour

The EUR/USD bullish impulsive price action is best explained by the development of a wave 3 (orange). The shallow correctionis probably a wave 4 (orange) which could either retrace to the Fib levels or break above the resistance (red).

GBP/USD

4 hour

The GBP/USDis showing a strong bullish rally after the breakout. Price is now approaching a key resistance zone which is indicated by the resistance trend line (orange). The orange horizontal line is the bottom of wave 1 on a weekly chart and a break above it indicates an invalidation of a long-term bearish wave count.

1 hour

The GBP/USD bullishmomentum is best explained by a wave 3 (grey) and a retracement is most likely a wave 4 (grey) if price behaves slowly and correctively.

USD/JPY

4 hour

The USD/JPY downtrend is challenging the resistance trend line (red). A bearish bounce could indicate a continuation towards the -61.8% Fibonacci target at 110.

1 hour

The USD/JPY is testing the resistance trend line (red) of the downtrend. A bullish break could indicate a reversal and continuation of the bullish momentum.

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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