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EUR/USD, GBP/USD Develop Strong Wave 3 Momentum

January 15, 2018 05:00

EUR/USD

4 hour

The EUR/USD is continuing with the uptrend after breaking the horizontal resistance levels (dotted red). Price seems to be in a wave 3 (purple) of wave 3 (pink) at the moment and potential dips are most likely retracements within the larger bullish movement.

1 hour

The EUR/USD wave 3 (purple) is probably developing another internal 5 waves (orange).

GBP/USD

4 hour

The GBP/USD is showing a strong bullish breakout and rally. Price is now approaching a key resistance zone at 1.3750 area. The orange horizontal line is the bottom of wave 1 on a weekly chart and a break above it indicates an invalidation of a long-term bearish wave count.

1 hour

The GBP/USD momentum is probably in a wave 3 (grey) and a retracement is most likely a wave 4 (grey).

USD/JPY

4 hour

The USD/JPY broke below the support trend line (dotted blue) and is continuing with the downtrend towards the Fibonacci targets.

1 hour

The USD/JPY is at the -27.2% Fibonacci target. A break below this target could see a continuation towards the -61.8% Fib target.

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