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EUR/USD Uptrend Aims for Next Target at 1.1750

July 24, 2017 04:30

EUR/USD

4 hour

The EUR/USD showed a classical break, pullback and continuation pattern above the 1.15 resistance level. Price is still in a wave 3 (orange) momentum which could last till the next round resistance zone at 1.1750. Once wave 3 is completed, price will most likely build a wave 4 correction which should then see price continue higher via the waves 5 (brown/purple) within wave 3 (green).

1 hour

The EUR/USD is building a rising wedge chart pattern which could be a first signal that wave 3 (orange) is coming close to its completion.

USD/JPY

4 hour

The USD/JPY has moved below the 161.8% Fibonacci target which makes a 5 wave (orange) structure a more likely scenario.

1 hour

The USD/JPY is most likely extending the wave 5 (grey) with 5 internal waves (green). A wave 4 (green) retracement should remain below the bottom of wave 1 (green) which is indicated by the trend line (dark red).

GBP/USD

4 hour

The GBP/USD could be extending its correction via a WXY (purple). The Fibonacci levels of wave X vs W are therefore potential resistance spots for a bearish bounce.

1 hour

The GBP/USD is probably building an ABC (grey) correction within wave X (purple) unless price manages to break above 1.3080. In that case price could be very impulsive and the wave structure is vulnerable to a change.

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