EUR/USD’s Massive 500-pip Bullish Thrust 2015.12.04

EUR/USD

4 hour

The Euro showed high levels of volatility and strong bullish momentum versus the US Dollar yesterday. The EUR/USD moved from a low around 1.0520 to a high near 1.10. The momentum could broke various resistance levels (dotted lines) and could be marked as wave A.

1 hour

The EUR/USD bullish momentum towers above the downtrend channel. The downside completed a choppy ending diagonal as indicated by the purple 5 waves.

GBP/USD

4 hour

The USD weakened significantly versus the GBP in yesterday's trading, as also seen in the EURUSD. The GBPUSD still remains in a downtrend as price stays below the resistance trend line but the trend certainly has been choppy. The GU outlook and wave count is uncertain at the moment. The recent upside is showing strong momentum but could now be facing resistance points at the potential 38.2% and 50% Fib levels of wave 4 (pink).

1 hour

The GBP/USD showed strong bullish momentum, which could be a wave A (green) of a larger correction.

USD/JPY

4 hour

The USD/JPY broke the support trend line (dotted green) but still has unbroken horizontal support below it.

1 hour

The USD/JPY made a bearish bounce at yesterday's resistance (red) and price is now back at support (green), which also be a bounce or break spot.