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EUR/USD Uptrend Bounces at Critical 1.20 Support Zone

January 04, 2018 10:30

EUR/USD

4 hour

The EUR/USD uptrend retraced back to the broken resistance (dotted red lines) at 1.20 which has provided support for a bullish bounce. Price could use the support zone to make a new rally but a larger resistance zone (red lines) is still present which makes this particular spot difficult and a larger bearish correction could still emerge. However, a bullish breakout above 1.21 could indicate a wave 3 pattern and a continuation higher becomes more likely.

1 hour

The EUR/USD used the Fibonacci levels of wave 4 (blue) as a bounce zone. The bullish break above the resistance trend line (red) seems likely but it remains to be seen whether price can break above the previous top. A break could see price move towards the Fib targets of wave 5.

GBP/USD

4 hour

The GBP/USD bullish trend has made a retracement after hitting the 61.8% Fibonacci target of wave 5. A bullish bounce could see price move towards the Fibonacci targets of waves 5, which seems to be part of a wave C (green).

1 hour

The GBP/USD made a bearish retracement within wave 4 (blue) and used the Fib levels of wave 4 to make a bullish bounce. The larger bearish move however could also indicate a potential wave A of a larger ABC correction within wave 4. The key factor will be whether price moves correctively or impulsively when hitting 1.3550 – 1.36.

USD/JPY

4 hour

The USD/JPY bullish reaction could indicate the completion of a wave 2-B (light purple) but the direction will depend on the breakout direction of the trend lines.

1 hour

The USD/JPY broke above the resistance trend line (dotted orange) and made a larger bullish up movement. For the moment price is in a triangle pattern and the breakout direction will indicate whether a downtrend or uptrend could start.

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