ABC Zigzag Potential after Bull Flag Break 2015.12.08

EUR/USD

4 hour

The EUR/USD retraced back to the 38.2% Fibonacci level, which acted as support and provided a bullish bounce. A bullish rally would confirm the development of an ABC rally (brown).

1 hour

The EUR/USD is building a bull flag chart pattern, which is indicated by the purple lines, and price could stop at the support Fibonacci levels. A break of the flag could indicate the completion of wave B (brown).

GBP/USD

4 hour

The GBP/USD downtrend channel remains intact but the strong bullish momentum does increase the chance of a larger ABC (green) zigzag correction, which could see support at the Fibonacci levels.

1 hour

The GBP/USD is building a bull flag chart pattern. Both the support and resistance trend line are important bounce or break spots.

USD/JPY

4 hour

The USD/JPY is in a sideways zone marked by the red and green trend lines.

1 hour

The USD/JPY seems to be completing multiple ABC zigzags within the consolidation zone.