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EUR/USD Bullish Retracement Within Downtrend Testing 61.8 Fibonacci

November 09, 2017 07:30

EUR/USD

4 hour

EUR/USD downtrend is unable to complete the last push towards the 38.2% Fibonacci level at 1.1470 and is now building a larger bullish retracement. Price is now retesting trend lines (orange) which could form a mild resistance zone.

1 hour

The EUR/USD seems to be building a wave 4 (green) correction and the Fibonacci levels could act as resistance. A break above the 61.8% Fibonacci level makes a wave 4 (green) less likely.

USD/JPY

4 hour

The USD/JPY is now trying to break below the support trend lines (blue/green) but has not managed as yet. The failure to break the 114.50-115 resistance zone so far could be an early indication that wave 1 or A (light purple) has been completed. A bearish break could start a potential wave 3 (pink).

1 hour

The USD/JPY is behaving choppily on this 1 hour chart and is building a very corrective pattern. Price will need to break the support (green) or resistance (orange) of the wedge before a larger breakout is possible.

GBP/USD

4 hour

The GBP/USD break above the 61.8% Fib makes a wave 4 (orange) less likely. For the moment, the Cable is testing the Fibonacci levels of wave 4 (orange) which could act as resistance.

1 hour

The GBP/USD is building momentum up and down but the overall picture is a range. Price is unable to break the support or resistance trend lines.

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