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EUR/USD Bearish Breakout Targets 38.2% Fibonacci at 1.15

October 27, 2017 04:00

EUR/USD

4 hour

The EUR/USD broke below the support trend line and zone (dotted blue) yesterday when the European Central Bank (EBC) president Draghi was announcing the continuation of the Quantitative Easing program. The Euro reacted bearishly and fell against the USD, which invalidated a larger bullish correction and makes a continuation towards the 38.2% Fib of wave 4 vs 3 likely now.

1 hour

EUR/USD is showing strong bearish momentum and is most likely in a wave 3 (blue) which could become extended if a triangle or bear flag pattern appears (purple lines).

GBP/USD

4 hour

The GBP/USD has not broken below the support trend line (blue) as yet but the strong bearish momentum makes a bearish breakout likely, which could be part of a wave 5 (green).

1 hour

The GBP/USD bearish momentum is probably a wave 1 (orange) which could see a bounce and a retracement for a wave 2 (orange).

USD/JPY

4 hour

The USD/JPY has completed a wave 4 (blue) within the uptrend and broke above the resistance (red) trend line to challenge the 114.50-115 target zone.

1 hour

The USD/JPY is approaching the Fibonacci targets of waves 5 (pink/blue).

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