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EUR/USD Trapped Between Resistance Top and Wave 4 Fibonacci

July 10, 2017 05:30

EUR/USD

4 hour

The EUR/USD bullish bounce at support (blue) was unable to break above the previous top (red). A bullish breakout above the top could see price move towards the Fibonacci target of wave 5 vs 1+3 and the round level of 1.15.

1 hour

The EUR/USD retraced back and bounced at the Fibonacci levels of wave 4 vs 3. The wave 4 (orange) becomes unlikely if price breaks below the 61.8% Fibonacci level.

USD/JPY

4 hour

The USD/JPY uptrend continues within the uptrend channel (blue) and is moving towards the Fibonacci targets of wave 5 vs 1+3. The price angle however is slowing down (red resistance).

1 hour

The USD/JPY broke above resistance (dotted orange) which could indicate a wave 3 (pink) breakout.

GBP/USD

4 hour

The GBP/USD retraced to deeper Fibonacci support levels of wave 4 vs 3 (orange). A bullish bounce could confirm the wave 4-5 (orange).

1 hour

The GBP/USD could have completed a wave 4 (orange) as long a price stays above the 61.8% Fibonacci level.

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