EUR/USD bullish breakout in wave E of contracting triangle 2016.08.15

EUR/USD

4 hour

The EUR/USD is testing the resistance trend line (red). A breakout above resistance could see price move towards the wave E (green) of wave 4 (blue), which has been added due to the lack of a bearish breakout. The consolidation zone on the daily chart is lengthy and suggests a contracting triangle chart pattern (ABCDE brown).

1 hour

The EUR/USD showed bullish momentum above the broken trend line (dotted red). Price is building an ABC bullish zigzag (blue) unless price breaks below the 100% Fibonacci level of wave B.

GBP/USD

4 hour

The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with a wave 1-2 (pink).

1 hour

The GBP/USD seems to have completed an ABC correction (blue) within wave Y (green) of wave 2 (pink). A break above the 100% Fibonacci level invalidates wave 2 (green).

USD/JPY

4 hour

The USD/JPY bounced at the support tend line (green) but has not managed to move away from it and is challenging the same trend line again. A bullish break above resistance (oranges) would confirm potential for a wave 3 rally (green). A bearish break below the 100% Fibonacci level indicates a potential for a renewed bearish trend.

1 hour

The USD/JPY has to break above the resistance trend line (orange) before a wave 2 (green) can be considered completed. The 100% Fibonacci level is the invalidation point of the wave 2 (green).

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