Trend lines on EUR/USD indicate multiple patterns 2016.01.28

EUR/USD

4 hour

An EUR/USD is building an ABC zigzag within the larger triangle formation.

1 hour

The EUR/USD has multiple support (green) and resistance (red) trend lines above and below price action.

GBP/USD

4 hour

The GBP/USD is correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple). A break below support and the wave X bottom (green) could lead to bearish breakout whereas a bounce at support could price correct longer in wave Y (green).

1 hour

The GBP/USD fell towards the support trend line (green) and Fibonacci level, which could act as a bouncing spot for the wave C (blue). A break below the bottom of wave X (green) invalidates current wave B (blue).

USD/JPY

4 hour

The USD/JPY is making a corrective chart pattern at the moment, which is indicated by the support (green) and resistance (red) trend lines. Price is retracing towards the Fibonacci levels of wave X (green).

1 hour

The USD/JPY completed a bullish ABC zigzag (pink) but price could expand the correction via a WXY (green) if the USD/JPY stays above support (2 greens).