EUR/USD Rising Wedge Struggles with Bullish Break at 1.20

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD respected the 78.6% Fibonacci resistance level of wave X vs W. Price could be building an extended WXY (red) correction within wave 4 (blue) unless price shows strong bullish candles once breaking above the resistance trend lines.

1 hour

The EUR/USD seems to be building a rising wedge chart pattern at 1.20 when comparing the angle of the support (blue) trend line with the angle of the resistance (red). A break below support could see the start of wave Y (red) whereas a bullish break could see price test higher Fibonacci levels of wave X vs W.

GBP/USD

4 hour

The GBP/USD is building a small triangle pattern (red/green) after its bearish retracement within the larger uptrend. A bullish breakout above resistance (red) could restart the wave3 (blue).

1 hour

The GBP/USD is moving sideways and offers a key support (green) and resistance (red) trend line. A break below the top of wave 1 (blue) invalidates the wave 4 (grey).

USD/JPY

4 hour

The USD/JPY seems to be in a 5th wave (blue)which could be part of a wave 1 (light green) or alternatively wave A (green).

1 hour

The USD/JPY is in a bullish trend channel (green/red). The bullish momentum could be finished if price manages to break below support (green/blue).

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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