US Dollar Opens Trading Week with Major Weakness

EUR/USD

4 hour

The EUR/USD broke above the 1.0828 resistance level which has invalidated last week's wave 2 structure. With the bullish break it seems likely that price will continue with the uptrend as part of wave C (green).

1 hour

The EUR/USD could be in a bullish wave 3 (orange) aiming for the Fibonacci targets.

GBP/USD

4 hour

The GBP/USD is trying to break above the resistance trend line (red line) but just above it are also two strong Fibonacci levels as well. A break below support (blue) could see a bearish breakout.

1 hour

The GBP/USD broke above resistance (red) could see bullish momentum within wave C (orange) push price towards the Fib targets.

USD/JPY

4 hour

The USD/JPY is building a larger bearish ABC zigzag (brown), which could take price down to the 50% Fibonacci retracement support level of wave 4 vs 3 (purple).

1 hour

The USD/JPY broke below support (dotted green) and is moving towards the Fibonacci targets of wave 5 (purple/orange).

Follow @ChrisSvorcik on twitter for latest market updates