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EUR/USD Prepares for Bearish Break, Pullback and Continuation Pattern

June 21, 2017 04:00

EUR/USD

4 hour

The EUR/USD broke below the long-term support trend line (dotted blue) but it will need to break below 1.11 before a potential wave 3 becomes likely. At this point a break, pullback and continuation seems the most probable via a wave 1 and 2 (brown).

1 hour

The EUR/USD is showing divergence between the bottoms which could cause a wave 2 (brown) retracement. Price invalidates wave 2 (brown) if price manages to break above the 100% Fibonacci level. A break below support (green) could indicate a continuation of the bearish trend.

USD/JPY

4 hour

The USD/JPY continued with the bullish momentum (orange 3) within wave C (brown) yesterday. Price is now building a potential pullback within wave 4 (orange) which could find support (green) at the previous bottom and tops.

1 hour

The USD/JPY could also see potential support from the Fibonacci levels of wave 4 (orange).

GBP/USD

4 hour

The GBP/USD bearish breakout below support (dotted blue) has been short lived so far. A continuation below 1.26 could see a further bearish extension towards the Fib targets of wave 3 (blue).

1 hour

The GBP/USD is in a potential wave 4 (grey) which is invalidated if price manages to break above the bottom of wave 1 (grey) indicated by the resistance trend line (red). A break below support (green) could see the continuation of wave 3 (orange).

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