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EUR/USD Bullish 38.2% Retracement to 1.1650 Within Downtrend

October 30, 2017 04:00

EUR/USD

4 hour

The EUR/USD broke below the support trend line and zone (dotted blue) yesterday and has space to continue towards the 38.2% Fib of wave 4 vs 3 (light purple). A bullish correction within wave 4 (blue) should take price back to the 23.6%-50% Fibonacci levels, which could act as a resistance zone.

1 hour

The EUR/USD is showing strong bearish momentum and has most likely completed a wave 3 (blue). An ABC (green) could be unfolding within the wave 4 (blue).

GBP/USD

4 hour

The GBP/USD remains choppy but a wave 5 (green) still seems most likely due to the wave bearish impulse. A break below the support line (blue) would confirm a bearish continuation.

1 hour

The GBP/USD bearish momentum is probably a wave 1 (orange) which could see a bounce and a retracement for a wave 2 (orange).

USD/JPY

4 hour

The USD/JPY has reached the main target zone at 114.50-115, but a break below the support trend line (green) is needed before a larger wave 2 or B (light purple) becomes more likely.

1 hour

The USD/JPY is either in a wave 1-2 (blue) or in an ending diagonal (grey).

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