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EUR/USD, GBP/USD Approach Key Bear-Bull Decision Zones

January 11, 2018 07:15

EUR/USD

4 hour

The EUR/USD is again challenging the Fibonacci levels of wave 4 vs 3 (blue) after bouncing at the 50-61.8% support zone. A break below the support trend line (blue) and 61.8% Fib of wave 4 makes a bearish scenario more likely. In that case, the alternative outlook is that price is not completing a 123 (pink) but a larger ABC correction (red).

1 hour

The EUR/USD broke the resistance trend line (dotted red) but failed to break above the next resistance (orange). Price is at a key bounce or break spot. A bearish break could indicate a larger bearish ABC (purple).

GBP/USD

4 hour

The GBP/USD failed to break above the resistance trend line (red) of the consolidation pattern. Price is now testing the larger support trend lines and a bearish break could see price make a bearish reversal.

1 hour

The GBP/USD is testing the support trend line (green) of the corrective pattern. A bearish break could see price fall towards the Fibonacci targets of wave C vs A.

USD/JPY

4 hour

The USD/JPY showed strong bearish momentum after the breakout which means that the current bullish price action could be a retracement within the trend. A bearish bounce at the Fib levels could indicate a continuation towards the round levels of 110.50 and 110.

1 hour

The USD/JPY bearish momentum could be a wave 3 (blue) and the current bullish price movement could struggle at the Fibonacci levels if this is a wave 4.

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