Currency pair EUR/USD
The EUR/USD is testing the resistance trend line (red). A bullish break could start a potential wave 3 (blue) of 3 (purple) whereasa break below the support zone (green) could indicate a larger trend change.
The EUR/USD could be building An ABC correction (green) within wave 2 (blue). A break above the trend line at 138.2% Fib increases the chance of a bullish breakout and the fact that wave 2 (blue) has been completed.
Currency pair GBP/USD
The GBP/USD is in a strong uptrend which is getting closer to testing the previous top (red).Price could now be building a wave 4 (green) retracement.
The GBP/USD seems to have completed a wave 4 (green) retracement. A break below support (green) could expand the wave 4 correction whereas a break above 1.42 could indicate the start of wave 5 (green).
Currency pair USD/JPY
The USD/JPY downtrend is building a consolidation zone below the broken support.
The USD/JPY could be building a descending wedge chart pattern. A break below support could indicate a bearish breakout whereas a bullish break would run into resistance at the broken support (dotted green).
