EUR/USD, GBP/USD bearish breakout after turn at Fibonacci levels 2016.09.21

EUR/USD

4 hour

The EUR/USD broke the support trend line (dotted green) again and price is now building a bearish channel (orange). A break below the 78.6% Fibonacci level could see the EUR/USD fall towards the next Fibonacci targets within a larger contracting triangle (wave d green).

1 hour

The EUR/USD has paused at the previous bottom (green) and a break below the support is needed before a continuation of wave 5 (orange) is possible.

GBP/USD

4 hour

The GBP/USD indeed completed a wave 4 (blue) as indicated during this week's wave analysis. The Cable is now falling towards the Fibonacci targets of wave 3 (green).

1 hour

The GBP/USD seems to be building an extended wave 5 (grey) within wave 5 (blue). A break above the 61.8% Fibonacci retracement invalidates the bearish 5 wave (grey).

USD/JPY

4 hour

The USD/JPY is in a descending wedge chart pattern (green/orange lines). A break above resistance (red) confirms the end of the downtrend and the start of bullish price action. A break below the support line (green) indicates that a larger correction within wave 2 (purple) is likely.

1 hour

The USD/JPY is currently showing volatility around the support (green) and resistance (dotted orange) trend lines. A full break above the resistance is needed before the wave 2 (purple) can be considered completed.

Follow @ChrisSvorcik on twitter for latest market updates