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EUR/USD Bullish Breakout Prepares for Wave 4 Retracement

March 27, 2018 07:30

EUR/USD

4 hour


The EUR/USD broke above the resistance trend line (dotted orange). This bullish break seems to have started a potential wave 3 (blue) of 3 (purple).

1 hour

The EUR/USD could be building a mild retracement within a shallow and corrective wave 4 (orange) pattern. The Fib levels of wave 4 vs 3 could act as support and bouncing levels.

GBP/USD

4 hour

The GBP/USD seems to have completed a wave 4 (green) retracement and is continuing with its strong uptrend. But price is now approaching the previous top (red), which is an area where price can temporarily pause or reverse.

1 hour

The GBP/USD could be building a wave 4 (grey) retracement. The Fib levels of wave 4 vs 3 could act as support and bouncing levels.

USD/JPY

4 hour


The USD/JPY downtrend broke key support levels but is now building a bullish correction. The resistance trend lines (red) are a key decision zone for a bigger reversal or downtrend continuation.

1 hour

The USD/JPY could be building a wave 2 correction after breaking above resistance (dotted orange).

Good trading,

Chris Svorcik

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