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EUR/USD Breaks Support Trend Line and Expands Wave 2 Correction

March 16, 2018 06:27

EUR/USD

4 hour


The EUR/USD broke below the support trend line (dotted blue) which makes a larger bearish correction more likely. The correction is probably part of a larger wave 2 (purple) correction, as long as price stays above the 100% Fibonacci level. A bullish break above resistance (red) could start waves 5.

1 hour

The EUR/USD invalidated the wave 4 (green) pattern and is now probably expanding the wave C (green) within a larger WXY (blue) correction.

GBP/USD

4 hour

The GBP/USD bullish breakout above the long-term resistance trend line (dotted red) is slowing down substantially and building a sideways correction. Price is now testing a key support zone.

1 hour

The GBP/USD is building many ups and downs which could be explained by a potential choppy wave 4 (orange) pattern. A bullish breakout could confirm the continuation of the wave 3 (green).

USD/JPY

4 hour


The USD/JPY is building a lengthy consolidation zone. The price action between the support (blue) and resistance (red) trend lines is showing indecision and requires a breakout before a new trend can emerge.

1 hour

The USD/JPY needs to break the trend lines before the next direction becomes clear.

Good trading,

Chris Svorcik

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