EUR/USD and GBP/USD Remain in Solid Bearish Trends 2015.09.07

EUR/USD

4 hour

The EUR/USD remains in a bearish trend as long as price stays below the broken support (green) and resistance line (red). The next major support level is the 61.8% Fib target and the 1.10 psychological round level.

1 hour

The EUR/USD shows a truncated (failure to break bottom) wave 5 (blue). A break below support (green) shows the potential for price to fall towards the Fibonacci targets. A break above the 61.8% Fibonacci level of wave 4 (purple) invalidates the purple bearish waves.

GBP/USD

4 hour

The GBPUSD downtrend channel remains intact and both trend lines (orange/red) are important resistance zones.

1 hour

A break below the Fibonacci target could indicate the potential for a continuation of the downtrend to the next Fib level whereas a break above resistance (red/orange) could indicate the potential for a retracement of the downtrend.

USD/JPY

4 hour

The USDJPY long-term wave count suggests that price is in a bigger bearish correction zone with the development of an ABC (brown).

1 hour

The USD/JPY completed 5 bearish waves last week. Friday's NFP in the US made price bounce at the 78.6% Fibonacci target, which could confirm a completion of wave A (brown) if price manages to break above resistance (orange).