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EUR/USD, GBP/USD Build Triangle Chart Patterns in Uptrend

January 22, 2018 05:30

EUR/USD

4 hour

The EUR/USD is building a sideways retracement and the triangle chart pattern is probably just a correction within the uptrend. A bullish breakout above the resistance trend line (dotted red) could indicate the uptrend continuation towards the Fibonacci targets of wave 5 (blue).

1 hour

The EUR/USD could expand the correction via a bearish ABC (brown) zigzag if price breaks below the support trend line (blue).

GBP/USD

4 hour

The GBP/USD is challenging the support line of the bullish channel. A break below the channel could see price test the Fibonacci support levels of wave 4 (green).

1 hour

The GBP/USD is building a potential wave ABC (blue) correction which could take price towards the Fib levels. A bullish break above the round level of 1.40 could indicate a continuation of the uptrend.

USD/JPY

4 hour

The USD/JPY failed to break the previous bottom and could be using it to bolster a new bullish rally.

1 hour

The USD/JPY could be completing wave 2 (purple) and starting a wave 3 (purple) bullish momentum.

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