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EUR/USD, USD/JPY Wave 4 Arrives at Fibonacci Decision Zone

July 04, 2017 05:00

EUR/USD

4 hour

The EUR/USD is building a pullback after breaking above resistance (dotted lines).A bullish bounce could see price approach the Fibonacci targets of wave 5 (purple) which could complete wave 3 (green).

1 hour

The EUR/USD broke the support trend line (dotted blue) and completed its ABC zigzag correction (orange) within wave 4 (brown). The Fibonacci levels of wave 4 vs 3 (brown) plus the broken resistance levels (blue box) are a key decision zone (point of confluence) and could act as support. A bullish bounce confirms the wave 4 whereas a bearish beak invalidates it.

USD/JPY

4 hour

The USD/JPY is moving higher towards the Fibonacci targets of wave 3 (purple) and wave 5 (orange).

1 hour

The USD/JPY could be building a wave 4 (grey) retracement as long as price stays above the 50-61.8% Fibonacci level. The most used Fib for wave 4 (grey) is the 38.2% level.

GBP/USD

4 hour

The GBP/USD bullish momentum is hesitating with breaking above the previous top (red). A break above red could see an uptrend continuation towards the Fibonacci targets of wave 3 vs 1 (orange).

1 hour

The GBP/USD could be building a wave 4 pullback (purple) as long price stays above the Fibonacci levels of wave 4 vs 3 and the support trend line (blue).. A bullish continuation could complete wave 4 and 5 (purple) within wave 3 (orange).

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