EUR/USD, GBP/USD switch momentum direction after bullish breakout 2016.08.10
EUR/USD
4 hour
The EUR/USD managed to break above the resistance trend line (dotted red), which has indicated has lead to a change in wave structure where wave 1 (purple) has been completed at the recent bottom. Wave 2 (purple) is invalidated if price manages to break above the 100% Fibonacci level.
1 hour
The EUR/USD broke the resistance with strong momentum which indicates a potential wave C (blue).
GBP/USD
4 hour
The GBP/USD bearish breakout below the support trend line (dotted green) has not shown the momentum which a wave typically has. Therefore, the wave count now shows a wave 4 (blue) completed at the recent top. Price is either completing a 5th wave (blue) or more likely expanding it via an internal 5 waves (pink) as shown in the image.
1 hour
The GBP/USD broke the resistance trend line (dotted red) and is building a bullish ABC zigzag (green).
USD/JPY
4 hour
The USD/JPY seems to be building a hook back to the support tend line (green). A bearish break would invalidate wave 1-2 (green) and revive the downtrend.
1 hour
The USD/JPY broke the support of bull flag chart pattern (dotted green) and is now at/near the Fibonacci levels of wave 2 (green).
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