EUR/USD

4 hour

The EUR/USD bullishness continued to higher levels yesterday. The strong momentum is making a wave 3 (blue) more likely now. All in all the bullish trend is probably part of a wave d-e (green) daily triangle.

1 hour

The EUR/USD breakout above resistance (red) took place as indicated yesterday. The bullish momentum has been marked as wave 3 (orange) and a wave 5 (orange) of wave 3 (blue) could be completed as price approaches the Fib targets. In such a scenario a wave 4 (blue) sideways correction like a bull flag could occur.

GBP/USD

4 hour

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD has continued to build zigzags between support and resistance. Yesterday price tried to break above resistance (yellow/red) but failed as price completed a 5th wave (dark red) within an ABC zigzag (purple). At the moment price has respected the 38.2% Fibonacci support level and the other Fib levels could provide support too. A break above resistance could see price move towards the Fibonacci levels of wave Y (blue).

USD/JPY

4 hour

The USD/JPY uptrend is seeing a pullback to the 38.2% Fibonacci level. This is most likely within a wave 4 correction (blue) as long as price stays above the 38.2%-50% Fib area.

1 hour

The USD/JPY indeed completed an ABC zigzag (dark red) correction within a wave 4 (blue) as indicated yesterday. A bullish bounce at the 38.2% or 50% Fibonacci level seems likely.