The EUR/USD price action remains corrective and is unable to break out of the contracting triangle chart pattern (orange and green trend lines).
Price action was unable to push above the horizontal resistance (red lines) and is now back at a support
...The 100% Fibonacci target of wave Y (magenta) is equal to the 23.6% retracement of wave 4 (green).
Price could be close to a bullish breakout when it pushes above the resistance trend line (orange).
The GBPUSD is in a contracting tria
...The EUR/USD is probably correcting upwards as part of a larger wave 4 (green) with a 23.6% Fibonacci retracement level, which is at a confluence of other resistance levels.
Price is most likely making an expanded correction (WXY magenta).
T
...EURUSD
4 hour
The EURUSD used the wave B (magenta) support levels for a bounce yesterday. A next bounce could see price move towards the confluence of Fibonacci targets (green).
1 hour
The bullish zigzag (ABC purple) could have completed and an expanded correction (WXY)
...This week's video analysis discusses the intermediate and long-term USD trend in wake of the FOMC statement and its bearish price (re)action.
