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EUR/USD Retesting 1.20 Support in Key Decision Zone

September 11, 2017 06:00

EUR/USD

4 hour

The EUR/USD challenged the previous top (red) but till now has been unable to break above that resistance. A bullish break could be part of a potential wave 3 (pink) whereas a failure to break above the 138.2% Fib of wave B vs A at 1.2165 could still indicate a wave B (red).

1 hour

The EUR/USD invalidates wave 4 (green) with a potential break below the 61.8% Fib of wave 4 vs 3 and the support trend line (blue), which could indicate a larger ABC (red) correction. A break above the resistance trend line (red) could start a wave 5. Price is now at the 38.2% Fib at 1.20.

GBP/USD

4 hour

The GBP/USD is challenging a deep 88.6% resistance Fibonacci retracement level of wave 2 vs 1 (red). A break above the 100% Fib level invalidates that wave 2 (red). Price could either be in an ABC (purple) correction or in a wave 123.

1 hour

The GBP/USD is testing an important resistance trend line (red).

USD/JPY

4 hour

The USD/JPY broke below the support zone (dotted greens) and could now be making a pullback towards the resistance (red).

1 hour

The USD/JPY could be making a pullback towards the Fibonacci levels of wave 4 (green).

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