EURUSD Bounce vs. GBPUSD & USDJPY Breakout 2015.11.24

EUR/USD

4 hour

The EUR/USD is in a down trend channel (orange/blue) and price is near the bottom and support. There is also a bigger support zone (green), which will either provide a bullish bounce in case of a wave C or a bearish break in case of a wave 3.

1 hour

The EUR/USD is showing a falling wedge chart pattern formation (orange/green), which is on average known to be a bullish reversal. The current wave count with wave X (blue) is invalidated once price breaks below the Fibonacci levels on the chart.

GBP/USD

4 hour

The GBP/USD downtrend channel (brown/blue) has a shallow angle, which increases the likelihood that price is in a wave C (purple) rather than a wave 3 (purple) unless price can accelerate below the support line.

1 hour

The GBP/USD broke out below the various support levels (dotted green) and could be heading towards the Fibonacci targets of wave 5 (grey).

USD/JPY

4 hour

The USD/JPY stopped its bullish momentum at the confluence of Fibonacci resistance levels. A break below the support trend line (dotted green) could spark an ABC correction (blue).

1 hour

The USD/JPY seems to be building a bearish correction and breaking the support (dotted green), which was the bottom of a rising wedge chart pattern (brown/dotted green).