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EUR/USD, GBP/USD Test Shallow Wave-4 Fibonacci Levels at 1.17 and 1.3350

September 28, 2017 04:30

EUR/USD

4 hour

The EUR/USD bearish price action could be part of a potential wave 4 (blue) which makes the 23.6% Fibonacci level a potential support and bouncing spot.

1 hour

The EUR/USD seems to be making a final wave 5 (grey). Price might not complete the wave 4 (blue) at the 23.6% Fibonacci. A 38.2% Fibonacci level is also a common turning spot for a wave 4.

GBP/USD

4 hour

The GBP/USD could soon test the 38.2% Fibonacci level of the potential wave 4 (blue). The Fibonacci levels could act as potential support for a continuation of the uptrend via wave 5.

1 hour

The GBP/USD is breaking support trend lines but the 38.2% Fib could be a potential support level. A break of resistance (orange/red) could indicate the continuation of the uptrend whereas a break below the 38.2% Fib could price test the 50% of wave 4 vs 3.

USD/JPY

4 hour

The USD/JPY has broken above the resistance trend line (dotted red) which is indicating an uptrend continuation.

1 hour

The USD/JPY break of resistance levels (dotted red) indicates a larger 5th wave (blue).

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