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US Dollar Builds Corrective Patterns and Offers Breakout Setups

October 24, 2017 07:30

EUR/USD

4 hour

The EUR/USD is testing the support zone at 1.17 again. A break below this zone (blue) will probably indicate a larger correction within wave 4 (light purple). A break above resistance would confirm a bullish breakout within wave C of wave X (pink).

1 hour

The EUR/USD could be building a wave 1-2 (green) if price stays above the 100% Fibonacci level of wave 2 vs 1.

GBP/USD

4 hour

The GBP/USD needs to break above resistance (red) before a larger wave C (orange) can take place. A break below support (blue) indicates a potential bearish breakout.

1 hour

The GBP/USD could be in a wave 1-2 (brown) if price stays above the 100% Fibonacci level.

USD/JPY

4 hour

The USD/JPY bullish momentum could take it higher towards 114.50-115.

1 hour

The USD/JPY retraced within a wave 4 (green) towards the 50% Fibonacci level which provided support. A break above resistance (red) could confirm the wave 5 (green) breakout.

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