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EUR/USD, GBP/USD Build Shallow Retracements after Bearish Breakout

August 16, 2017 04:30

EUR/USD

4 hour

The EUR/USD is showing bearish continuation as expected in the wave analysis earlier this week. Price is building a potential ABC (purple) correction within a larger wave 4 (green). The main target of the ABC are the Fibonacci levels of wave 4 vs 3 (green).

1 hour

The EUR/USD broke below the support trend line (dotted blue) but was unable to break below the bottom (green line). Price is now building a pullback, which could be a wave 4 (brown). A break above the 61.8% and resistance trend line (red) makes a wave 4 less likely. A break below support (greens) could see price continue towards 23.6% Fib.

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted blue) and continued the downtrend.

1 hour

The GBP/USD is building an extension within the 5th wave with another 5 waves (grey). The current pullback is a bear flag chart pattern and could be a wave 4 (grey). A break above the 61.8% Fibonacci level invalidates the wave 4.

USD/JPY

4 hour

The USD/JPY breakout managed to reach the 38.2% Fibonacci resistance level of the wave B (brown), which could cause a bearish bounce and complete wave A (orange).

1 hour

The USD/JPY seems to have completed wave 5 (purple) within wave A (orange). A bullish break above resistance (orange) could see an extension the uptrend whereas a bearish break of the support trend lines could see an ABC (purple) within wave B (orange).

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