Currency pair EUR/USD
The EUR/USD indeed bounced at the resistance trend line (red) but the reaction has been mild and choppy, which makes an expanded correction within waves Y (green/blue) likely. A break above resistance (red) could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A break below support (green) could see the downtrend continue.
The EUR/USD tested the resistance trend line (red) one more time, which could be a wave 5 (orange) within wave A (blue). Price has bounced at the 50% Fib and could continue towards the wave C (blue) targets at the Fibonacci levels. A break below the support line (green) invalidates the ABC (blue) whereas the other Fibonacci levels of wave B vs A could act as support.
Currency pair GBP/USD
The GBP/USD bounced at the top of the bearish channel (red lines) and is now approaching the previous bottom and 100% Fibonacci target. A bearish breakout could see price fall towards the Fibonacci levels of waves 3 (green). A bullish retracement see price test the resistance again (orange/red).
The GBP/USD break below the support trend line (green) could see price continue with wave 5 (blue) of wave 3 (green). A break above the inner resistance line (light orange) could see price expand with the wave 4 (blue) retracement towards the previous resistance (orange/red lines).
Currency pair USD/JPY
The USD/JPY bounced at the resistance level (red line) and a break above it could see the USD/JPY continue with the uptrend and the waves 3 (blue/brown).
The USD/JPY used the strong resistance (red) to bounce and could be building an ABC (orange) within wave 2 (brown) and retrace back to the Fibonacci levels of wave 2 vs 1 (brown).
