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EUR/USD Completes Zigzag and Uptrend Challenges Resistance at 1.18

August 17, 2017 03:45

EUR/USD

4 hour

The EUR/USD showed a strong bullish 4 hour candle at the support trend lines (green/blue), which indicates the potential completion of the wave 4 (green) correction. A break above the resistance trend line (red) increases the chance for a wave 5 (green) breakout.

1 hour

The EUR/USD seems to have completed a wave 4 and 5 (brown) within wave C (purple). The bullish bounce also offers 5 waves which could complete wave 1 (purple).

GBP/USD

4 hour

The GBP/USD is testing the resistance trend line (red). A bullish break should start a wave 2 (red) correction whereas a bearish bounce could still indicate the continuation of wave 5 of wave 1 (red).

1 hour

The alternative structure is that the GBP/USD is building a wave 4 (grey) within the downtrend. This scenario is invalidated if price manages to break above the resistance trend line (red) and 61.8% Fib of wave 4 vs 3.

USD/JPY

4 hour

The USD/JPY turned at the 38.2% Fibonacci resistance level which completed a potential wave A (orange). The bearish price action could be part of an ABC within wave B (brown). The invalidation level of the wave B is the 100% Fib level of wave B vs A at 108.73

1 hour

The USD/JPY showed bearish momentum which could be a wave A (purple) within a larger ABC of wave B (orange). The invalidation level of the wave A is the 100% Fib level of wave B vs A at 110.95.

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