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EUR/USD Bullish Price Action Faces 1.25 Resistance Again

February 02, 2018 05:00

EUR/USD

4 hour

The EUR/USD is now challenging the previous top (red). A bullish breakout would confirm the development of a wave 3 (blue) of a wave 5 (purple). A failure to break could indicate a bullish ABC rather than a 123. In that case the correction could take price below the support trend line (blue).

1 hour

The EUR/USD is building a small pause within the larger uptrend. The pattern could be a full flag and hence also a wave 4 (green). A bullish breakout could indicate uptrend continuation whereas a break below the 61.8% Fib and support trend line (blue) from the top of wave 1 invalidates the current 5 wave (green).

GBP/USD

4 hour

The GBP/USD is building a bullish channel (purple lines) which is testing the previous top. A break below the channel could indicate a larger wave 4 (green) whereas a break above the resistance (red) could indicate uptrend continuation.

1 hour

The GBP/USD is losing a little bit of its bullish momentum. Price would need to break above resistance (red) to make a bullish break towards the Fib levels of wave 3 (blue) more likely.

USD/JPY

4 hour

The USD/JPY is still testing a larger resistance trend line (red) of the downtrend channel.

1 hour

The USD/JPY bullish breakout could confirm the development of a potential wave 3 (purple) if price manages to break above the resistance trend line (red).

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