Currency pair EUR/USD
The EUR/USD is at the 100% Fibonacci level of wave X (blue) which could be a bouncing zone if price is building a complex WXY correction within a larger wave 2 (puple). A break below the 138.2% Fib level invalidates wave X (blue). The Fibonacci levels of wave 2 (purple) could also act as reversal spot and remains valid unless price breaks above the 100% level of wave 2 vs 1 (purple).
The EUR/USD could be complete a bearish ABC (green) within wave X (blue). A break above the resistance trend line (red) confirms a larger wave 2 (purple) correction whereas a break below the channel (green) could price test the lower Fib levels.
Currency pair GBP/USD
The GBP/USD finally seems to be breaking the contracting triangle chart pattern. A 4 hour candle is breaking above the resistance trend line (dotted red) which indicates that the triangle was a bearish correction. Price could potentially retest the larger resistance trend line (brown) as part of wave C (blue).
The GBP/USD finally seems to be breaking the contracting triangle chart pattern. A 4 hour candle is breaking above the resistance trend line (dotted red) which indicates that the triangle was a bearish correction. Price could potentially retest the larger resistance trend line (brown) as part of wave C (blue).
Currency pair USD/JPY
The USD/JPY is most likely building a wave 1-2 (blue) structure unless break below the 100% level of wave 2 vs 1. A breakout above resistance (red) and the round 115 psychological level could confirm and start wave 3 (blue). Wave 2 (blue) could expand potentially into a larger correction as well (see 1 hour chart) but should typically last between 100% and 161.8% of wave 1 (see bottom scale).
The USD/JPY could be completing a bearish ABC (brown) zigzag within wave 2 (blue). A break above the red line invalidates wave B (brown). There could be another ABC zigzag (orange) within wave that wave B (brown).
