EUR/USD challenges major 1.05 support zone yet again 2016.12.12

EUR/USD

4 hour

The EUR/USD bearish trend is yet again challenging the major support levels (green lines) from the long-term time frame charts. A bearish break should see price continue lower within a wave 3 (green).

1 hour

A bullish bounce however could see the EUR/USD build a bullish retracement within wave 2 (brown). A break above the 100% level invalidates the wave 1-2 (brown) count.

GBP/USD

4 hour

The GBP/USD needs to break below the support trend line (green) before a larger wave 3 (blue) within waves 5 is possible. A break above the resistance trend line (red) would invalidate the current wave structure.

1 hour

The GBP/USD is moving sideways which is often a wave 4 (orange) type of formation. A break below the support level (green) could see price continue within wave 3 (blue).

USD/JPY

4 hour

The USD/JPY uptrend is indeed continuing after a large correction and consolidation zone. The break above resistance (red) is part of a wave 5 (blue) of wave 3 (purple).

1 hour

The USD/JPY is most likely still in a wave 3 (orange/brown) impulse. Once the wave 3 is completed, a sideways retracement for wave 4 and an uptrend continuation for wave 5 continuation is expected.

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