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EUR/USD, GBP/USD Bounce or Break Spot at 23.6% and 38.2% Fibs

October 02, 2017 04:00

EUR/USD

4 hour

The EUR/USD bullish bounce at the 23.6% Fibonacci level could create a larger ABC (green) or a new uptrend (123 purple). These 2 scenarios are invalidated if price breaks below the 23.6% Fib. In that case, price will most likely make a bearish breakout towards the 38.2% Fibonacci level of wave 4 vs 3, which in turn could act as potential support.

1 hour

The EUR/USD channel, indicated by the red and blue trend lines, could be a corrective pattern as long as price stays above the 100% level of wave B vs A. A break above resistance (red) could start the wave 3 or wave C.

GBP/USD

4 hour

The GBP/USD bounce at the 38.2% Fibonacci level of wave 4 (blue) has so far been unable to break above the resistance trend line (red). A break below the 38.2% Fibonacci level could indicate a bearish breakout towards the 50% Fib of wave 4 vs 3 and the support trend line (blue).

1 hour

The GBP/USD is testing the support trend line (green) and 78.6% Fibonacci level of wave 2 vs 1. A break below support (green) could indicate a bearish breakout whereas a break above resistance (red) could indicate a bullish breakout.

USD/JPY

4 hour

The USD/JPY bounced at the support trend line (blue), which could indicate the continuation within wave 5 (blue).

1 hour

The USD/JPY could potentially have completed an ABC (orange) correction within wave 4 (purple) and price could be in a wave 5 as long as it stays above support (blue).

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