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Bullish EUR/USD, GBP/USD Test Resistance Fibonacci Levels

September 22, 2017 05:30

EUR/USD

4 hour

The EUR/USD is probably in an extended correction within wave 4 (blue) when considering the sideways price movement between support (green) and resistance (red). Currently I'm expecting a longer wave Y (red) because from a time perspective the current wave seems short when compared to wave X and Y (red).

1 hour

The EUR/USD could perhaps be building an ABC (purple) zigzag correction within wave Y (red). The confirmation could be a bearish candlestick pattern at the Fibonacci levels of wave B (purple) or a break of the support trend line (blue). A break above the resistance trend line (orange) and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation.

GBP/USD

4 hour

The GBP/USD bounced at the support trend line (green). The bounce could be part of the wave 4 (blue) correction as typically waves 4 are lengthy consolidation patterns.

1 hour

The GBP/USD is probably building an ABC (grey) correction within wave B (purple) but a break above the resistance trend lines and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation.

USD/JPY

4 hour

The USD/JPY did not manage to break above the resistance trend line (red) and bounced back down. Price is now testing a support trend line (green).

1 hour

The USD/JPY could be a wave 123 (orange) which could be part of a larger ABC correction.

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