EURUSD Bullish Wave 4-5 Could Test 1.19 Resistance

EUR/USD

4 hour

The EUR/USD broke above the resistance trend lines (dotted) as expected in yesterday’s analysis as price expands a potential wave C (blue) within wave X (purple). A bearish bounce at the resistance trend line (red) could indicate an expansion of wave 2 (pink) whereas a bullish breakout could indicate that wave 2 is completed. Today’s EUR interest rate could impact price action, volatility, and the direction of the currency pair.

1 hour

Today’s EUR interest rate could impact price action, volatility, and the direction of the currency pair.

GBP/USD

4 hour

The GBP/USD also bounced at support and broke above resistance trend line (dotted orange), which could be part of a wave 4 (brown).

1 hour

Today’s GBP interest rate could impact price action, volatility, and the direction of the currency pair.

USD/JPY 

4 hour

The USD/JPY broke below the support trend line which makes a bullish wave pattern unlikely at this point. A bearish variation has bee added which shows a wave WXY (pink) within a larger wave 2/B (light purple).

1 hour

The USD/JPYcould be building a wave A (purple). A break above the 61.8% Fib invalidates a wave 4 (blue).