ABC zigzag corrections near support and resistance 2016.01.25

EUR/USD

4 hour

The EUR/USD continues to build a corrective chart pattern with support (green) and resistance (orange) marking its boundaries.

1 hour

The EUR/USD is showing steep bearish price action with support and resistance marking the bearish impulse. A break of the trend lines could indicate the reversal or continuation.

GBP/USD

4 hour

The GBP/USD has reached the top of the larger downtrend channel, which could be a bearish bouncing spot. The bearish price action, however, could be part of wave X (green).

1 hour

The GBP/USD completed a bullish ABC zigzag correction (green) after reaching the 100% Fibonacci target. Price could be expanding the correction via an ABC (orange) within wave X (green).

USD/JPY

4 hour

The USD/JPY broke the resistance trend line (dotted oranges). The breakout is approaching the 38.2% Fibonacci retracement level of wave X (green). The Fibonacci levels could pose as resistance.

1 hour

The USD/JPY seems to be building a bullish 5 wave (orange) within the ABC zigzag (pink).