Currency pair EUR/USD
The EUR/USD respected the resistance zone which was indicated by the wave C (blue) of wave X (purple). Price is now in between support (blue) and resistance (red) trend lines. A bearish break would make the current wave pattern likely and could see price challenge the Fibs of wave 2 (pink).
The EUR/USD completed its 4 and 5th wave (green) yesterday as expected. Price made a reversal and is now challenging a support trend line (blue). An immediate bearish breakout could see price fall lower whereas a bullish bounce could be part of wave B (blue).
Currency pair GBP/USD
The GBP/USD is in a bullish channel (green lines) but price is close to a key resistance trend line (red).
A bullish breakout above resistance (orange/red) could see price move higher towards the Fibonacci targets of waves 5.
Currency pair USD/JPY
The USD/JPY continued lower within wave A (purple). A bullish bounce is probably part of a wave B (purple) correction within a larger wave 2/B (light purple).
The USD/JPYcould be building a wave 5 (blue) of waveA (purple). A break above resistance trend line (red) could start wave B (purple).
