The EUR/USD must break below the previous bottom (green line) before a continuation of the downtrend (waves 3) becomes more likely. If price breaks above resistance (orange) then price could extend the wave 2 (purple).
The EUR/USD
...The GBP/USD continues with its bearish breakout which could be part of a wave 3 (blue). Price is at the 100% Fibonacci of wave 3 vs 1 (blue) but it would need to reach the 161.8% Fib target before a wave 3 (blue) becomes more likely.
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The EUR/USD broke the support trend line (dotted blue). A break below the previous bottom (green line) indicates that wave 2 (purple) has most likely been completed. A bullish bounce at the support level could extend the correction within wave 2.
...The EUR/USD is building a WXY correction (blue/green) within wave 2 (purple) unless price breaks above the 100% level of wave 2 vs 1 (purple) which invalidates the wave structure. The Fibonacci retracement (purple) levels are potential bouncing sp
...The USD/JPY is probably in a wave 1-2 (blue) unless price breaks below the bottom of wave 1 (blue). A larger ABC (brown) could be taking place within wave 2 (blue). A wave 2 (blue) correction typically last between 100% and 161.8% of wave 1 (see bo
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