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EUR/USD Develops Bullish Momentum and Wave 3 Pattern

February 14, 2018 05:30

EUR/USD

4 hour

The EUR/USD bullish breakout is continuing with momentum towards the previous top and next resistance trend line (red). A break above that could confirm a full uptrend continuation within wave 5 (purple).

1 hour

The EUR/USD bullish breakout above the resistance levels and fractals of wave 4 (orange) is indeed acting as a wave 3 (blue) so far with price going above the 161.8% Fibonacci target. Price could make a retracement but if price uses the support zone (purple lines) as a bouncing spot, then price could see another potential rally towards the resistance and Fib targets.

GBP/USD

4 hour

The GBP/USD seems to be respecting the Fibonacci levels of wave 4 vs 3 (green) and a bullish breakout above the previous tops (dotted orange) indicate the start of wave 5 (green). A break above the next resistance (red) trend line could confirm a bullish breakout.

1 hour

The GBP/USD broke above resistance (dotted orange) and completed wave C (grey). The next bullish breakout could confirm a wave 3 (blue) pattern.

USD/JPY

4 hour

The USD/JPY broke below the strong support zone (dotted green). The break below this support zone invalidates the previous wave pattern and indicates a bearish continuation within wave B (red).

1 hour

The USD/JPY could pullback to the broken support (dotted green) and use the same levels as potential resistance.

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