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EUR/USD Tests Resistance Whereas GBP/USD at Key Support

December 21, 2017 07:30

EUR/USD

4 hour

The EUR/USD is testing the Fibonacci levels of wave X v W. A break above the 138.2% Fibonacci level invalidates this wave X pattern and could indicate a larger bullish breakout. A bearish reversal could send the EUR/USD lower to test the Fib levels of wave 2 vs 1 (pink).

1 hour

The EUR/USD broke the resistance of the rising wedge pattern yesterday and is now challenging support trend lines (blue).

USD/JPY

4 hour

The USD/JPY is now challenging the resistance level of wave B (purple). A bearish bounce could see price fall towards the Fib levels of wave 2 or B (light purple).

1 hour

A break above the 100% level at 113.75 would invalidate the ABC zigzag (purple) and indicate that the current wave C (blue) could rather be a wave 3.

GBP/USD

4 hour

The GBP/USD support and resistance trend line seems to be a large bull flag chart pattern. A bullish breakout could confirm the pattern and a wave 5 of wave C.

1 hour

The GBP/USD seems to be building a potential ABC (blue) within a larger wave 1-2 (green) pattern.

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