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EUR/USD Builds Wave 3 Momentum in Bullish Channel

October 11, 2017 04:45

EUR/USD

4 hour

The EUR/USD is in a bullish channel (blue lines) which could challenge the resistance trend lines. It is unclear whether price is in a wave 5 or in an expanded wave 4 at the moment, which depends on how price develops the bullish trend.

1 hour

The EUR/USD seems to be in a smaller wave 4 (purple) within the bullish channel. A break below the channel and 61.8% Fibonacci invalidates the wave 3 (pink).

GBP/USD

4 hour

The GBP/USD bullish channel (blue lines) has broken resistance of the bearish channel (dotted orange) but horizontal resistance and the Fibonacci levels of wave 4 (orange) still could turn price back down. A break above the 61.8% Fib makes a wave 4 less likely.

1 hour

The GBP/USD bearish break below the bullish channel (blue) could indicate the completion of wave 4 (orange) and the continuation of the downtrend.

USD/JPY

4 hour

The USD/JPY broke below the support trend line (dotted blue) and fell towards the 23.6% Fib, which in turn acted as a support. This could be a larger correction within wave 2 or B (purple).

1 hour

The USD/JPY could be building a potential ABC (purple) correction.

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