Break EURUSD Bear Flag & USDJPY Bull Flag 2015.11.17

EUR/USD

4 hour

The EUR/USD is heading lower and close to posting a new lower low within the downtrend, which is indicated by the downtrend channel (orange/blue).

1 hour

The EUR/USD broke the wave 4 support trend lines (dotted green) and could be in a wave 3 (purple) at the moment. Wave 1 was a leading diagonal and wave 2 saw a 50% Fib retracement.

GBP/USD

4 hour

The GBP/USD is currently in a wave 4 (green), which will be invalidated once price crosses the bottom and origin of wave 1 (red line). A bearish break of the small triangle (green/orange lines) could see price continue its downtrend for wave 5 (green) of wave 3 (pink).

1 hour

The GBP/USD has clear support (green) and resistance (red) trend lines marking its boundaries. A break of support could lead to the start of a wave 5 (green) downtrend continuation. A break of resistance (orange) could see an expansion of the wave 4 (green), whereas a break above the resistance (red) invalidates the wave 4 count.

USD/JPY

4 hour

The USD/JPY broke the bull flag chart pattern (red dotted lines) and is now heading towards the Fibonacci targets of wave Y (brown) and C (blue).

1 hour

The USD/JPY is in an impulsive part of the breakout, which is most likely explained by the development of a wave 3 (green).