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EUR/USD, GBP/USD Setup Bullish ABC Zigzag to 1.07 and 1.25

February 28, 2017 04:00

EUR/USD

4 hour

The EUR/USD is building a WXY correction (blue/green) within wave 2 (purple) unless price breaks above the 100% level of wave 2 vs 1 (purple) which invalidates the wave structure. The Fibonacci retracement (purple) levels are potential bouncing spot and reversal levels.

1 hour

The EUR/USD is building an ABC (blue) zigzag correction unless price breaks below the 100% level of wave B vs A (invalidation).

GBP/USD

4 hour

The GBP/USD is still stuck in a larger triangle pattern with support (blue) and resistance (dark red) nearby. A bearish breakout below support (blue) could see price start a wave 3 (green).

1 hour

The GBP/USD is building an ABC (orange) zigzag correction unless price breaks below the 100% level of wave B vs A (invalidation).

USD/JPY

4 hour

The USD/JPY probably completed an ABC (brown) zigzag correction within a wave 2 (blue) pullback. A break below the bottom of wave 1 (blue line) invalidates the wave structure. A break above resistance (orange line) could indicate that the correction is finished.

1 hour

The USD/JPY respected the 88.6% Fibonacci retracement level of wave 2. A break above resistance (orange line) could indicate a potential bullish breakout as part of waves 3 (brown/blue).

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