Currency pair EUR/USD
The EUR/USD is building a rising wedge (RW) reversal chart pattern (red/blue) at the psychological round level of 1.10. Price has now reached the support line of the pattern which is a bounce or break zone. A bearish break could start a larger bearish correction whereas a bullish bounce could see price challenge the resistance (red) line.
The EUR/USD broke the mini support level (dotted blue) after bouncing at the 61.8% Fibonacci level of wave 2 (brown). The correction could be part of a 123 (brown) or ABC. The wave 4 (brown) is invalidated if price breaks above the 50% Fib of wave 4.
Currency pair GBP/USD
The GBP/USD has bounced at the resistance line (red) of the uptrend channel (red/green). 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 seems is building a bearish retracement within a potential wave 4 (grey), which would become invalidated if price manages to break below the top of wave 1 (green line).
Currency pair USD/JPY
The USD/JPY managed to break above the previous top and is now continuing with the uptrend channel towards the Fibonacci targets of wave 5 (brown).
The USD/JPY is extending the bullish 5th wave (brown/orange) after completing an ABC correction (grey) and breaking above the resistance trend lines (dotted orange).
