EUR/USD bullish breakout continues but 38.2% Fib nearby 2016.11.03

EUR/USD

4 hour

The EUR/USD uptrend showed one more bullish push yesterday but price is now near the 38.2% Fibonacci resistance level of wave e (green), which is part of a wave d-e (green) daily triangle. The bullish momentum seems to be a 5 wave (blue) within a larger zigzag (A purple).

1 hour

The EUR/USD showed extended 5 waves (grey) within wave 5 (orange). Price could still push up higher to the Fibonacci targets but eventually a correction (wave 4 blue) is expected.

GBP/USD

4 hour

The GBP/USD continues to respect a contracting triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD continues with building zigzags but this time price did manage to break above resistance (dotted red/orange). Price could make a new pullback to support (trend line/Fibs) before moving up higher to the 61.8% Fib for instance of wave Y vs W.

USD/JPY

4 hour

The USD/JPY uptrend saw a bearish pullback develop in recent days but the retracement has been more impulsive than usual wave 4 retracements. However, in my view a wave 4 correction (blue) is still likely as long as price stays above 61.8% Fib area.

1 hour

The USD/JPY ABC zigzag (dark red) correction is still pushing lower. A bullish bounce at the Fibonacci levels could occur.

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