EUR/USD Bearish Momentum After Failure to Break Above Top

EUR/USD

4 hour

The EUR/USD failed to break above the previous top (red) and the bearish bounce is showing strong momentum. This could indicate that there is an expansion of the corrective pattern via a WXY (blue) within wave 4 (purple). A new break above 1.25 however would still make an uptrend continuation more likely.

1 hour

The EUR/USD seems to be building a bearish ABC (green) zigzag when considering the strong bearish price action in wave A (green). A break below the support trend lines (blue) could see price fall lower towards 1.2250-1.23.

GBP/USD

4 hour

The GBP/USD is still testing the main resistance trend line (red). A bullish breakout could indicate a likely chance of continuation once price breaks above resistance.

1 hour

The GBP/USD is probably in a corrective wave 4 (blue) and could be in a wave 5 once price breaks above the resistance trend line (orange).

USD/JPY

4 hour

The USD/JPY came close to hitting the -61.8% Fibonacci target but missed it by a few pips. There is a chance that price will hit resistance and turn around to complete the target.

1 hour

The USD/JPY seems to have completed a wave 3 (orange) and price is now building a potential corrective wave 4 (orange).

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