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EUR/USD Challenges Support Zone within Bearish Wave C

February 20, 2018 06:30

EUR/USD

4 hour

The EUR/USD has either completed the 5th wave (purple) at the most recent high or price is expanding via a WXY corrective pattern within wave 4 (purple).

1 hour

The EUR/USD is probably building a bearish ABC (green) zigzag when considering the strong bearish price action in wave A (green). A break below the support trend line (green) could see price fall lower towards 1.2250-1.23.

GBP/USD

4 hour

The GBP/USD is in between support (green/blue) and resistance trend line (red). A bullish breakout could indicate a continuation within wave 5 (green) whereas a bearish break could indicate a new downtrend.

1 hour

The GBP/USD is challenging the Fibonacci levels of wave 4 (blue).

USD/JPY

4 hour

The USD/JPY is retesting the resistance levels of the downtrend.

1 hour

The USD/JPY is building a correction within potential wave 4 (orange).

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