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EUR/USD Bullish Bounce Faces Resistance Before ECB Rate Decision

October 26, 2017 06:30

EUR/USD

4 hour

The EUR/USD is facing an interest rate decision later today by the European Central Bank (ECB), which could cause strong price movement and volatility. From a wave perspective, price could be finishing a wave 1 (blue) and ready for a retracement back to the Fibonacci levels of wave 2 (blue). These Fib levels could act as support if indeed a larger wave C (purple) of wave X (pink) indeed takes place.

1 hour

Invalidation for the wave 1-2 (blue) is a break below the 100% Fibonacci level. A break above the resistance trend line could indicate a larger wave 3 (green).

GBP/USD

4 hour

The GBP/USD broke above the resistance (red) trend line could indicate that a larger wave C (orange) is taking place.

1 hour

The GBP/USD could be in a wave 3 (brown) bullish breakout but needs to break above the resistance (red) before more upside is likely.

USD/JPY

4 hour

The USD/JPY is building a potential wave 4 (blue) within the uptrend. A break above resistance (red) could see price challenging the 114.50-115 target zone.

1 hour

The USD/JPY bounced at the 38.2% Fibonacci level which was part of a wave 4 correction (blue). A break above resistance (red) could confirm the wave 5 (blue/purple) breakout.

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