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EUR/USD Builds Bear Flag Within Wave 4 Correction

October 31, 2017 05:30

EUR/USD

4 hour

The EUR/USD has retraced to the 38.2% Fibonacci level of wave 4 (blue) which could be a resistance zone. A break below the bear flag (green) could indicate the continuation of the wave 5 (blue) within a larger wave C (purple).

1 hour

The EUR/USD is showing strong bearish momentum and has most likely completed a wave 3 (blue). An ABC (green) seems to have been completed within the wave 4 (blue) if price breaks below the channel (green).

GBP/USD

4 hour

The GBP/USD break below the support line (blue) would confirm a bearish continuation. For the moment price remains choppy but a wave 5 could occur if price does not break above resistance (red).

1 hour

The GBP/USD is showing strong bullish momentum but the wave structure could change when a clear higher low is visible or when price breaks above resistance (red).

USD/JPY

4 hour

The USD/JPY has broken below the support trend lines (dotted) after reaching the main target zone at 114.50-115. This bearish break could start a wave 2 or B (light purple).

1 hour

The USD/JPY has retraced to the 38.2% Fibonacci level of wave 4 (green) and is building a bearish channel lower.

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