Currency pair EUR/USD
The EUR/USD is trying to show a bullish breakout above the resistance trend line (dotted red), which would confirm a potential continuation of bullish wave 5 (purple).Price is probably in a wave 4 (purple) as long as price stays above support (green).
The EUR/USD break above the tops (orange) could confirm the potential for a bullish breakout towards the Fib targets of wave 3 (blue). A strong bearish turn at 1.2475-1.25 could indicate that price has built an ABC rather than a 123.
Currency pair GBP/USD
The GBP/USD is building a triangle pattern. Price will need to break the S&R before a new trend can become visible.
The GBP/USD is breaking through resistance (dotted red) which could indicate the potential for a bullish breakout.
Currency pair USD/JPY
The USD/JPY could be ready for one more push lower within wave 5 (green) if price manages to break below the support trend line (blue).
The USD/JPY is building a sideways correction and is marked by support (blue) and resistance trend lines. A bullish breakout would probably invalidate wave 4 (orange) whereas a bearish break could indicate a downtrend continuation.
, which would confirm a potential continuation of bullish wave 5 (purple).Price is probably in a wave 4 (purple) as long as price stays above support (green).){kind=link}