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EUR/USD, GBP/USD Bullish Reversals at Fibonacci Support Levels

February 07, 2018 05:30

EUR/USD

4 hour

The EUR/USD bounced at the support trend line (green), which could indicate that the WXY (blue) correction within wave 4 (purple) has been completed. A break above the resistance trend lines (red) would confirm the end of wave 4 and could indicate an uptrend continuation within wave 5 (purple).

1 hour

The EUR/USD seems to have completed a bearish ABC (green) correction within wave 4 (purple). The bullish bounce at support (green) could indicate a wave 1 (blue) and the start a continuation of the uptrend. A break below the 100% Fib would invalidate the wave 1-2 pattern.

GBP/USD

4 hour

The GBP/USD bounced at the 50-61.8% Fibonacci zone which could still be part of a wave 4 (green) correction. A break above the previous top (red) could indicate a continuation rally.

1 hour

The GBP/USD has probably completed a bearish ABC (grey) zigzag correction and is now building a wave 1-2 (blue) pattern. A break above resistance (red) could indicate the start of wave 3 (blue).

USD/JPY

4 hour

The USD/JPY is trapped between strong support (green/blue) and resistance (red/orange). For the moment, a wave 1-2 (purple) seems the most likely but a bearish break below the bottom and 100% Fib invalidates the wave 2 (purple).

1 hour

The USD/JPY needs to break above resistance (red) before an uptrend continuation is likely.

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