HomeContributorsTechnical AnalysisEUR/USD, USD/JPY Pullback To 78.6% Fib At 1.0750 And 112.50

EUR/USD, USD/JPY Pullback To 78.6% Fib At 1.0750 And 112.50

Currency pair USD/JPY

The USD/JPY is building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).

The USD/JPY could be in a wave 5 (pink) of wave C (orange).

Currency pair EUR/USD

The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).

The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.

Currency pair GBP/USD

The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

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