EUR/USD Retracement within Bullish Channel after Hitting 1.1750 Target

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD turned near the quarter resistance level of 1.1750 and top of the bullish channel (red/blue), which could complete the wave 5 (orange). If price manages to break above the previous top, then a larger trend continuation within wave 5 (orange) is still possible towards 1.18, 1.1850, and 1.20.

1 hour

The EUR/USD could be building a larger correction via an ABC (purple) or price could have made a retracement back to support via a wave 1-2 (grey).

USD/JPY

4 hour

The USD/JPY bounced at the Fibonacci levels of wave 4 (orange) but price failed to break below the bottom (green line). A bearish breakout could price move towards the Fibonacci levels of wave 5 (orange).

1 hour

The USD/JPY break below the support trend line (green) makes a wave 3 (purple) more likely whereas a break above resistance (red) could indicate a truncated wave 5 (orange) which fails to break the bottom.

GBP/USD

4 hour

The GBP/USD broke above the resistance trend lines (dotted orange/red) and is now making a strong bearish pullback that is retesting the support trend line (blue) which is a major break or bounce spot.

1 hour

The GBP/USD could be in a deep retracement for a wave 2 (green). A break below the support (blue) and 1.30 round level would invalidate it.

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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