EUR/USD bearish momentum approaches 1.05 daily bottom 2016.11.21

EUR/USD

4 hour

The EUR/USD downtrend is approaching the bottoms (green) from the daily chart, which could act as potential bouncing spots if price is indeed in a wave 5 (brown) of wave 1 (green).

1 hour

The EUR/USD is building a bear flag chart pattern (red/green). A bearish break could see price test the 1.05 support zone. A bullish break above resistance (orange) could indicate the completion of wave 1 (green).

GBP/USD

4 hour

The GBP/USD seems to be developing a bearish wave 3 (blue). A downtrend continuation is possible if price pushes below support (green).

1 hour

The GBP/USD is building a bearish trend, which is best indicated by the resistance trend line (red). A break above the 61.8% Fibonacci level would invalidate a wave 4 (purple).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted red) and psychological 110 level, which is confirming strong bullish momentum often seen in wave 3's (blue / purple). The larger targets are at 112 and 115.

1 hour

The USD/JPY is moving to higher Fibonacci levels within wave 5 (green).

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