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EUR/USD Breaks Falling Wedge and Starts Wave B Correction

August 11, 2017 03:30

EUR/USD

4 hour

The EUR/USD bearish retracement indeed turned at the support zone (blue lines) as expected in yesterday's wave analysis. Considering the divergence on this 4 hour chart, the bearish price action could be just one part of larger ABC (purple) retracement within wave 4 (green).

1 hour

The EUR/USD broke above the resistance (dotted orange) of yesterday's falling wedge chart pattern and could moving towards the Fibonacci levels of wave B vs A which could act as potential resistance spots.

USD/JPY

4 hour

The USD/JPY is breaking below the larger support trend line (blue) from the daily support at 109.50. This bearish break could indicate a downtrend continuation within wave C (brown).

1 hour

The USD/JPY break below the support trend lines (dotted lines) indicates the continuation of the bearish trend, most likely within a wave 3 (orange).

GBP/USD

4 hour

The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). The Cable could be building a potential bullish retracement as part of a wave 2 (red).

1 hour

The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could lead to a wave C (purple) whereas a bearish break could see the downtrend continue.

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