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Major Currency Pairs Close to Breaking Trend Lines

March 13, 2018 08:58

EUR/USD

4 hour



The EUR/USD is in a large consolidation zone and the new direction will depend whether price breaks above resistance (red) or below support (green). A bullish breakout would confirm the expected wave 5 pattern.

1 hour

The EUR/USD is building a channel which could indicate a larger WXY (blue) correction within wave 2 (purple) if price breaks below support (blue). A bullish breakout above resistance (orange/red) could start a potential wave 3 (blue).

GBP/USD

4 hour

The GBP/USD is probably in a wave 1-2 (green) within wave 5 (brown) unless price breaks below the bottom of wave 4 (brown). A bullish break above resistance (red) could confirm wave 5 (blue).

1 hour

The GBP/USD could be building a bearish retracement. A bullish breakout could start a wave 3.

USD/JPY

4 hour


The USD/JPY is in a correction and a bullish breakout above the resistance trend lines (red) is needed before an uptrend could start.

1 hour

The USD/JPY needs to break above resistance (red) before a larger uptrend could start.

Good trading,

Chris Svorcik

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