EUR/USD Breaks above Massive 1.13 Resistance and Continues Uptrend

EUR/USD

4 hour

The EUR/USD broke above the critical and important resistance levels at 1.13 (dotted orange and red lines) which invalidated the bearish wave structure. Price also has managed to finally break the sideways range which was indicated by support (blue) and resistance (red/orange). The bullish break makes an uptrend continuation which is reflected in the alternative and new wave structure: price has broken above the 161.8% Fibonacci level which makes a wave C unlikely a wave 3 (blue/green) more likely.

1 hour

The EUR/USD is showing strong bullish momentum which is most likely a wave 3 (orange). Once the wave 3 is completed, the EUR/USD will most likely build a light retracement within wave 4 (orange) of a larger wave 3 (brown). The wave 4 is invalidated if price manages to break below the 61.8% of wave 4 vs 3.

USD/JPY

4 hour

The USD/JPY is moving higher within a wave 5 (orange) of wave C (brown). A break above the top of the channel (red) could see price move towards the Fibonacci targets of wave C (brown).

1 hour

The USD/JPY needs to break above the resistance trend lines before a bullish continuation is likely. A break below support could indicate that the waves 5 are completed.

GBP/USD

4 hour

The GBP/USD is building an ABC (grey) zigzag within wave 2 (blue). A wave 2 (blue) becomes unlikely if price manages to break above the 200% Fib and resistance trend line (red).

1 hour

The GBP/USD bullish momentum is most likely a wave 3 (purple) which means that price could be retracing within a wave 4 (purple). A break below the 61.8% Fib of wave 4 vs 3 and the trend line (blue) invalidates the wave 4.

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