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EUR/USD, GBP/USD Key Bullish Break Above Bull Flag Patterns

January 12, 2018 09:00

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the Fibonacci levels of wave 4 vs 3 (blue) and then broke above the resistance trend line (dotted orange) plus previous top (dotted reds). The bullish break confirms the wave 4-5 pattern that has been mentioned here this week and could indicate a potential continuation towards the Fibonacci targets.

1 hour

The EUR/USD bullish breakout could be developing an impulsive wave 3 pattern (orange).

GBP/USD

4 hour

The GBP/USD also bounced at the support zone and confluence of multiple trend lines. It then rallied and broke above the resistance trend line (dotted red) of the larger bull flag chart pattern (dotted red). The bullish breakout could see price move towards the Fibonacci targets of wave 5.

1 hour

The GBP/USD made a bullish break above the resistance trend line (dotted red) and is now showing strong momentum. Any corrective pattern could be a pause for more upside.

USD/JPY

4 hour

The USD/JPY indeed made a bullish retracement within the down trend as indicated in yesterday's analysis. This could indicate a continuation towards the round levels of 110.50 and 110.

1 hour

The USD/JPY made another bearish breakout but would need to break below support (green) before a continuation lower is likely.

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