USD/JPY Breaks Resistance and EUR/USD Corrects to 61.8% Fib 2015.05.27

EUR/USD

4 hour

The EUR/USD wave count is indicating a potential for a bearish zigzag (indicated by the purple ABC). The alternative is that wave 4 (green) has been completed at the most recent top and a bigger downtrend has started. It will be important to see if and how price rallies at the support Fibonacci levels.

1 hour

The EUR/USD is moving lower in a downtrend channel as part of wave C (purple). The internal wave 3 (orange) is unusually corrective compared to wave 1 (orange). Both trend lines (orange and green) are important to see whether price breaks below or bounces at the 61.8% Fibonacci retracement.

GBP/USD

4 hour

Despite the GBP/USD breaking below the support trend line (green), price could be finding support at the both the Fibonacci and horizontal levels.

1 hour

The GBP/USD made one more push lower yesterday as expected which was part of the wave A (green). Price could still further as part of the wave 5 or already have been completed at the recent bottom.

USD/JPY

4 hour

The USD/JPY has broken above the resistance layers (dotted red) with lots of bullish momentum.

1 hour

The USD/JPY is in a wave 3 (purple) of wave 3 (magenta) and could retrace for a wave 4 (purple).