EUR/USD and GBP/USD Retracing Lower to Complete Wave B 2015.05.19

EUR/USD

4 hour

The EUR/USD is respecting the heavy resistance layer (red) and moving to lower price levels. Price could be making a bullish zigzag which makes the Fibonacci levels (B vs A) bouncing spots.

1 hour

The EUR/USD broke the intermediate support (dotted blue) trend line but could find support at the 23.6% Fibonacci retracement level.

GBP/USD

4 hour

The GBP/USD is slowly retracing to lower levels and could expect to find support at the Fibonacci retracement levels (B vs A).

1 hour

The GBP/USD could be building a falling wedge (light orange and light green), but a bullish break could encounter another resistance trend line soon (dark orange).

USD/JPY

4 hour

The invalidation level of the wave X (green) is the origin of wave W (green) which is indicated by the orange horizontal line.

1 hour

When the USD/JPY does respect the resistance then one more fall as part of wave E (magenta) could be expected