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EUR/USD Bearish Price Action Testing Wave 4 Fibonacci

January 08, 2018 05:00

EUR/USD

4 hour

The EUR/USD seems to be building a bearish correction within a larger uptrend continuation where waves 3 prevail. The alternative is that price is not completing a 123 (pink) but a larger ABC correction. A break below the support trend line (blue) makes a bearish scenario more likely whereas a break above the top (red) makes a continuation more likely.

1 hour

The key support zone for the EUR/USD are the Fibonacci levels of wave 4 vs 3. A break below the 50% Fib makes a wave 4 (blue) unlikely.

GBP/USD

4 hour

The GBP/USD is building a retracement within the uptrend. A break above the resistance trend line (red) could see price move towards the Fibonacci targets.

1 hour

The GBP/USD is either building a 123 wave pattern or ABC correction depending on the breakout direction versus the trend lines.

USD/JPY

4 hour

The USD/JPY is moving higher towards the next top (red). A break above this resistance level could be the start of a larger bullish push higher.

1 hour

The USD/JPY uptrend is indicated by the bullish trend channel (green).

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