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EUR/USD Challenges 1.19 Resistance and Rising Wedge Pattern

December 27, 2017 05:00

EUR/USD

4 hour

The EUR/USD is building a rising wedge chart pattern (red/blue lines). A bullish breakout could indicate a continuation of the uptrend whereas a bearish reversal could send the EUR/USD lower to test the wave 2 vs 1 (pink) and the Fib levels of wave Y (purple).

1 hour

The EUR/USD is testing the Fibonacci levels of wave X (green). A break below the support trend line (blue) could be a larger bearish correction.

GBP/USD

4 hour

The GBP/USD is in a bull flag and triangle chart pattern, which is indicated by the support (blue) and resistance (red) trend lines. A bullish breakout could confirm a wave 5 of wave C. A break below the lowest support line makes a wave 4 less likely.

1 hour

The GBP/USD seems to be building a potential ABC (blue) within a wave 3 (green).

USD/JPY

4 hour

The USD/JPY needs to break below support before a bearish reversal becomes more likely whereas a break above resistance could indicate and uptrend continuation.

1 hour

The USD/JPY is facing important and critical support (blue) and resistance (red) trend lines.

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