EUR/USD, USD/JPY Pullback to 78.6% Fib at 1.0750 and 112.50

Chris Svorcik Elite CurrenSea

USD/JPY

4 hour

The USD/JPYis building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).

1 hour

The USD/JPY could be in a wave 5 (pink) of wave C (orange).

EUR/USD

4 hour

The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).

1 hour

The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.

GBP/USD

4 hour

The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

1 hour

The GBP/USD is building a rising wedge chart pattern (green/red) within wave E. A bullish break could see price test the 61.8% Fibonacci level. A bearish break below support (green) could see price challenge the MA (dotted 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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