EUR/USD Awaits Wave-4 Retracement after Impulsive 3rd Wave Completes

November 24, 2017 05:00

EUR/USD

4 hour

The EUR/USD seems to be continuing the uptrend within a wave 5 (purple) of a larger wave 1 (pink). The Fibonacci levels could act as potential resistance for the end of wave 1.

1 hour

The EUR/USD is probably building a wave 5 pattern (blue) within wave 5 (purple). For the moment price seems to be in wave 3 (blue) which eventually could see a wave 4 retracement (blue).

GBP/USD

4 hour

The GBP/USD channel has reached a key decision zone: the resistance of the sideways range (red). A bullish breakout above the resistance (red) could indicate a new uptrend whereas a bearish breakout could see price fall back to the bottom of the range (blue).

1 hour

The GBP/USD has reached the bottom of the bullish channel, which is a key decision zone for a bearish bounce or bullish breakout.

USD/JPY

4 hour

The USD/JPY is in the bearish channel but price indeed bounced at the 50% Fibonacci support level. Price could expand the bearish correction via a new WXY (pink) pattern.

1 hour

The USD/JPY bounced at the bottom of the channel and could be building an ABC (blue) pattern within the wave X (pink).

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