The EUR/USD made a bullish retracement which respected the broken support and new resistance zone (red). Price is now continuing with the downtrend and testing the previous bottom plus 1.20 round level. The bearish wave 3 (blue) needs to reach at least the 161.8% Fibonacci target which is the minimum for an impulsive wave 3. A break below would 1.20 would make the downtrend scenario more likely whereas a failure to break could still indicate that the 61.8% Fib is holding of the bullish wave 4 (pink) scenario.
The EUR/USD bounced at the 23.6% Fibonacci retracement level and broke below several support levels. Price is now on its way to test the 1.20 psychological round level.
The GBP/USD is still pushing lower. The bearish momentum remains active and the downtrend is expanding the wave 5 (purple). A bearish break below 1.37 could see price make an extension towards the Fibonacci targets.
The GBP/USD is probably completing a wave 4 (blue) correction.
The USD/JPY uptrend seems to be ready for a bullish continuation towards the psychological round level of 110, which is also a 38.2% Fibonacci level of the potential wave D (light purple). This could be a resistance zone where price completes a wave W (pink).
The USD/JPY has completed a wave 4 (green) correction and is extending the wave 5 (green).
