EURUSD Fails to Break Above 1.18 and Retests 1.17 Support

EUR/USD

4 hour

EUR/USD is retesting key support trend lines (blue/green). A break below the support could indicate a failure to continue the uptrend and makes an ABC (orange) more likely than a 123 (pink) pattern, which in turn could mean that the wave 4 (light purple) is still active.

1 hour

The EUR/USD potential breakout aboveresistance (red) could indicate a continuation of the uptrend within a wave 5 (purple) of wave 3 (pink). A push below the 61.8% Fib makes a wave 4 less likely and could indicate a bearish continuation towards the targets of wave Y (blue).

USD/JPY 

4 hour

The USD/JPY bounced at the 38.2% Fibonacci support level and retraced back to the resistance trend line (red) of the bearish channel. A bullish break above that resistance could see price challenge the 38.2, 50% Fibs or shallower trend line (orange) whereas a bearish continuation could target the 50% Fib.

1 hour

The USD/JPY could expand the wave X (pink) via an ABC zigzag (blue), although this scenario becomes less likely if price breaks below the support trend lines (blue).

GBP/USD

4 hour

The GBP/USD remains in the bullish channel (red/green) within the larger sideways range (red/blue). A breakout above the higher resistance (red) or below the support (blue) is needed before a new trend can be expected.

1 hour

The GBP/USD seems to have completed a new ABC pattern (blue), which in turn could have completed waves Y (green/brown).A break below the channel support (green) could indicate a potential breakout towards the bottom of the range (blue).