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EUR/USD Break, Pullback and Continuation Pattern at 1.20 Resistance

August 30, 2017 04:30

EUR/USD

4 hour

The EUR/USD broke above the 1.20 round level resistance and continued its bullish momentum towards the 23.6% Fibonacci target at 1.2075. Price made a strong bearish retracement after hitting this target and fell back to the 38.2% Fibonacci support level of wave 4 (purple), which could be a potential support zone within wave 5 (green).

1 hour

The EUR/USD is most likely in a wave 4 (purple) correction when considering the strong bullish momentum within wave 3 (purple). A break below the 61.8% Fibonacci level of wave 4 vs 3 makes the wave 4 (purple) unlikely. A typical correction pattern for wave 4 (purple) is an ABCDE contracting triangle.

USD/JPY

4 hour

The USD/JPY failed to break the support zone (green) indicated by the green lines. The bearish price action now looks like an ABC (purple) correction within wave B (orange) and price is building a wave C within wave B (brown).

1 hour

The USD/JPY bullish momentum is probably a wave 3 (purple). Once wave 3 is completed, a wave 4 (purple) correction could take place back to the Fib levels of wave 4 vs 3 which could cause a potential bullish bounce.

GBP/USD

4 hour

The GBP/USD bullish momentum has probably completed a wave A (purple), which stopped at the 38.2% Fibonacci resistance level. Price could now be building a correction within wave B (purple).

1 hour

The GBP/USD completed a 5 wave (grey) pattern within wave A (purple). Price is now building a potential ABC correction (grey) within wave B (purple).

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