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EUR/USD, GBP/USD Show Bullish Continuation Despite USD Rate Hike

March 22, 2018 09:23

EUR/USD

4 hour


The EUR/USD bounced at the support trend line (blue) yesterday despite the interest rate hike in the US from 1.5% to 1.75% for the US Dollar. The rate hike caused price volatility on lower time frames but ultimately the support level persevered. Price is now retesting the resistance trend line (red) and a bullish break could start a potential wave 3 (purple).

1 hour

The EUR/USD bullish momentum is probably part of a wave 3 (blue) but a bullish breakout is needed before this scenario becomes more likely.

GBP/USD

4 hour

The GBP/USD uptrend completed the bearish correction and broke above the key resistance (red) trend line. This sparked the continuation of wave 5 (blue) within wave C (purple). The GBP will have an interest rate decision of its own today.

1 hour

The GBP/USD broke above the resistance trend line (dotted red), which sparked a continuation within wave 5 (orange). Price could still extend the wave 3 (green) to a higher Fib level. A retracement could see support at the Fib levels of wave 4 (green).

USD/JPY

4 hour


The USD/JPY failed to break above the resistance trend line (red) of the larger triangle pattern and is now testing the support line (blue). Price needs to break the support or resistance before a larger breakout is possible.

1 hour

The USD/JPY could be building a wave 2 (blue) as long as price does not break below the 100% Fib level.

Good trading,

Chris Svorcik

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