EUR/USD, GBP/USD continue with bullish momentum in wave 3

Chris Svorcik FS method

EUR/USD

4 hour

The EUR/USD continued its strong bullish momentum yesterday and throughout the week. This seems to have completed an impulsive wave 3 (green) and one more push higher (wave 5 green) could occur if a corrective wave 4 (green) pattern develops.

1 hour

The EUR/USD could bounce at the Fibonacci levels of wave 4 (green). A break below the 61.8% Fibonacci level and trend line (green) invalidates the wave 4 (green).

GBP/USD

4 hour

The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). Price has not reached the 61.8% Fibonacci level of wave 2 vs 1 but a break above the 100% Fib level invalidates the pink 1-2. A break below the previous bottom (green) is needed before an extension of the downtrend is confirmed.

1 hour

The GBP/USD broke the resistance trend line (orange) yesterday and showed bullish impulsiveness as expected within the wave C (green) zigzag. Price could now bounce at the Fibonacci levels of wave 4 (blue) but a break below the 61.8% Fibonacci level, however, invalidates the wave 4 (green).

USD/JPY

4 hour

The USD/JPY will either break the support for a downtrend continuation or break above the resistance and potentially start a reversal. Consider the struggle to break the horizontal support of the previous bottom (green), a larger upside correction or reversal seems most likely.

1 hour

The USD/JPY indeed completed the wave A (green) and wave B (green) as shown yesterday. A break above the resistance (red) should initiate wave C (green).

Author

Chris Svorcik

FS method

Chris Svorcik is a trader, analyst, and educator with over 15 years of experience in financial markets, specializing in moving averages, market structure, and price patterns.

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