Currency pair EUR/USD
The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top.
The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue).
Currency pair GBP/USD
The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey).
Currency pair USD/JPY
The USD/JPY is building an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines and moving towards the Fib targets of wave 5 (brown).
The USD/JPY is extending the bullish 5th wave (brown/orange) with another 5 waves (grey). The wave 4 (grey) is invalidated if price breaks below the 61.8% Fibonacci level.
