EUR/USD bearish momentum approaches 1.0750 support 2016.11.14

EUR/USD

4 hour

The EUR/USD bearishness continues to push lower but price is approaching a psychological round level of 1.0750, which could act as a potential support level. The bearish wave indicates that wave 4 (blue) has been completed and a new larger downtrend (wave 5) has probably started with a wave 1 (green).

1 hour

The EUR/USD wave 1 (green) still push to lower levels after completing a sideways ABC (purple) correction, which formed a wave 4 (purple). Price could fall towards the Fibonacci targets of wave 5 (brown).

GBP/USD

4 hour

The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD could be building 5 bearish waves (purple) if it manages to stay below resistance (red) and break support (light green). A break above the 50% Fibonacci level of wave 4 vs 3 could indicate that the Cable is continuing with a bullish correction.

USD/JPY

4 hour

The USD/JPY is displaying strong bullish momentum, which has been labelled as a wave 1 (purple). Round levels like 107.50 and 108 could act as resistance spots.

1 hour

The USD/JPY completed a wave 4 (brown) at the 50% Fibonacci retracement level and is heading towards the Fibonacci levels of wave 5 (brown).

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