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EUR/USD, GBP/USD Bounce at Previous Tops within Wave 4 Patterns

March 15, 2018 10:06

GBP/USD

4 hour

The GBP/USD made a break and pullback above the long-term resistance trend line (dotted red) and is now testing a lower time frame resistance level. The next break could be a bullish continuation within wave 5 (blue). Price will need to stay above the support trend lines (green) otherwise the uptrend is in danger.

1 hour

The GBP/USD bounced at the previous tops (green lines), which could be explained by a potential wave 4 (orange) pattern. A bullish breakout could confirm the continuation of the wave 3 (grey).

EUR/USD

4 hour


The EUR/USD is still in a triangle pattern and will need to break above the resistance trend line before more momentum can be expected.

1 hour

The EUR/USD bearish retracement did not break below the top of wave 1 (green line) which makes a wave 4 (green) still possible. A break of below it invalidates the wave pattern and a bullish breakout confirms it.

USD/JPY

4 hour


The USD/JPY broke below the support trend line (dotted blue) and is starting a new bearish channel.

1 hour

The USD/JPY could be building a potential bearish ABC (green) within wave 2 (blue) but price will need to bounce at or above the 100% Fib level, otherwise the wave 1-2 (blue) pattern is invalidated.

Good trading,

Chris Svorcik

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