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EUR/USD, GBP/USD Break Below Shallow 23.6% Fibonacci

January 30, 2018 05:00

EUR/USD

4 hour

The EUR/USD continued with building a bearish retracement as part of a potential wave 4 (purple). Price has slightly broken below 23.6% Fibonacci level of wave 4 vs 3, which could still act as a support level. But a full bearish breakout could indicate that deeper Fibs like the 38.2% and 50% might act as targets if price does break. The Fib levels could be potential bouncing zones too.

1 hour

The EUR/USD is building a bearish channel which could be part of a corrective ABC (blue) pattern. A break above the resistance (red) could mark the continuation of the uptrend whereas a bearish break could see price continue with the bearish channel.

GBP/USD

4 hour

The GBP/USD has broken below the support trend line (dotted blue), which could be an expansion of a bearish retracement within potential wave 4 (green). A break below the 50% Fib pf wave 4 vs 3 makes a wave 4 unlikely. The continuation of the uptrend seems likely if price is able to break above the resistance trend line (red).

1 hour

The GBP/USD broke below the support trend line (dotted blue) and could be ready to challenge deeper Fibonacci level such as the 38.2%. A break above the resistance trend lines (red) could indicate an uptrend continuation.

USD/JPY

4 hour

The USD/JPY remains in a downtrend but price is close to a strong support zone (green line) from the daily chart.

1 hour

The USD/JPY is in a triangle chart pattern. A bullish break above the pattern could indicate the end of the downtrend whereas a break below the support zone (horizontal green) could indicate a continuation of the downtrend.

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