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EUR/USD, GBP/USD Build Key Sideways Correction and Chart Patterns

September 25, 2017 05:30

EUR/USD

4 hour

The EUR/USD is moving sideways as price stays in between support (green) and resistance (red) trend lines. The overall trend however is up and a bearish break could stop at the Fibonacci support levels of wave 4 (blue). A bullish breakout could indicate that the WXY (red) correction is finished.

1 hour

The EUR/USD is in a triangle chart pattern which is indicated by the trend lines. Price is in a wave C (purple) of wave Y (red) unless price manages to break above resistance (red). In that case, the wave C is most likely completed at the most recent bottom.

GBP/USD

4 hour

The GBP/USD is also in a sideways range (red/green lines) within a larger uptrend. A break below support could see price challenge the 38.2% Fibonacci level of wave 4 vs 3. A break above resistance could see price continue with the trend.

1 hour

The GBP/USD needs to breakout below support (green) or above resistance (red/orange) otherwise the sideways range remains valid.

USD/JPY

4 hour

The USD/JPY is testing a support trend line (green) of the uptrend channel.

1 hour

The USD/JPY needs to break above resistance (orange) before an uptrend continuation is likely. A break below support (blue) could confirm an ABC (blue) correction.

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