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EUR/USD, GBP/USD Develop Bearish ABC Corrective Patterns

January 29, 2018 05:00

EUR/USD

4 hour

The EUR/USD is building a bearish retracement within a potential wave 4 (purple). The Fibonacci levels of wave 4 vs 3 could act as support levels for a continuation within the 3rd wave (pink). A break below the 50% Fib makes a wave 4 less likely.

1 hour

The EUR/USD is building a corrective ABC (blue) pattern. A break above the resistance (red) could mark the continuation of the uptrend whereas a break below support (blue) could indicate a larger bearish correction.

GBP/USD

4 hour

The GBP/USD is also building a bearish retracement within a 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 is challenging the 23.6% Fib level of wave 4 (green). A break below the support trend lines could see price challenge a deeper Fibonacci level such as the 38.2%. A break above the resistance trend lines could indicate an uptrend continuation.

USD/JPY

4 hour

The USD/JPY downtrend continued with a new lower low but price remains close to a strong support zone (green line) from the daily chart.

1 hour

The USD/JPY is in a bearish trend channel. A bullish break above the channel 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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