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EUR/USD Focuses on Major 1.17 Support and Key 1.18 Resistance

October 05, 2017 04:30

EUR/USD

4 hour

The EUR/USD bounce at the 23.6% Fibonacci support level of wave 4 (blue) has not managed to break above the resistance at 1.18. A break above the resistance trend line (red) could start a bullish breakout whereas a third attempt to break below the 23.6% Fib could start a larger bearish correction towards the 38.2% Fib.

1 hour

The EUR/USD is moving sideways in a channel (red/green lines). A break below the channel could still face support from the wave 2 (green) Fibonacci levels.

GBP/USD

4 hour

The GBP/USD is again retesting the support trend line (blue) and the 50% Fibonacci level of the wave 4 (blue), which is a bounce or break spot.

1 hour

The GBP/USD break below the support trend line (dotted green) but could be bouncing at the previous bottom. A bullish bounce could see price retest the resistance levels (red).

USD/JPY

4 hour

The USD/JPY is in a triangle pattern, which is indicated by the support (blue) and resistance (red) trend lines. A bearish break could indicate the completion of wave A or 1 (green) at the recent high.

1 hour

The USD/JPY could be in a wave 2 (purple) retracement.

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