Currency pair EUR/USD
The EUR/USD broke above the resistance trend lines (dotted) as expected in yesterday’s analysis as price expands a potential wave C (blue) within wave X (purple). A bearish bounce at the resistance trend line (red) could indicate an expansion of wave 2 (pink) whereas a bullish breakout could indicate that wave 2 is completed. Today’s EUR interest rate could impact price action, volatility, and the direction of the currency pair.
Today’s EUR interest rate could impact price action, volatility, and the direction of the currency pair.
Currency pair GBP/USD
The GBP/USD also bounced at support and broke above resistance trend line (dotted orange), which could be part of a wave 4 (brown).
Today’s GBP interest rate could impact price action, volatility, and the direction of the currency pair.
Currency pair USD/JPY
The USD/JPY broke below the support trend line which makes a bullish wave pattern unlikely at this point. A bearish variation has bee added which shows a wave WXY (pink) within a larger wave 2/B (light purple).
The USD/JPY could be building a wave A (purple). A break above the 61.8% Fib invalidates a wave 4 (blue).
