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EUR/USD Bullish Bounce and Breakout Reaches First Target at 1.15

July 12, 2017 04:00

EUR/USD

4 hour

The EUR/USD bounced at the support trend line (green) and then broke above the previous top (red). Price has now reached the 1.15 target which could cause a potential retracement. A break above 1.15 could see price continue with the uptrend towards the 61.8% Fibonacci target at 1.1550.

1 hour

The EUR/USD completed the wave 4 (orange) and is now building an internal 5 wave (grey) within wave 5 (orange). A mild retracement at the 1.15 resistance could confirm a wave 4 (grey).

USD/JPY

4 hour

The USD/JPY broke the support trend lines (dotted lines) after approaching the 61.8% Fibonacci target and the 1.15 round resistance level. The bearish break could confirm the completion of the wave X (blue), although it does depend on how price behaves on lower time frames as well.

1 hour

The USD/JPY break of the support trend lines (dotted blue) is showing a potential retracement or reversal. The latter scenario would indicate a potential wave 1 and 2 (orange) reversal.

GBP/USD

4 hour

The GBP/USD retraced back to the 50% Fibonacci support level of wave 4 vs 3 (orange). A bullish bounce could confirm the wave 4-5 (orange).

1 hour

The GBP/USD seems to have completed an C (grey) bearish zigzag within wave 4 (orange). A break below the 61.8% makes a wave 4 structure less likely.

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