Bullish Zigzag EUR/USD has Space till 1.17 Confluence 2015.05.11

EUR/USD

4 hour

The EUR/USD bullish impulse translated into multiple wave 3's, which is likely part of a bigger ABC zigzag as part of wave W (magenta).

1 hour

EUR/USD completed an ABC zigzag correction (purple) but is correcting deeper with a double correction (WXY orange).

GBP/USD

4 hour

The GBP/USD has bullish momentum (wave 3 magenta) but also a heavy resistance level (red) ahead. A break above it could see price head towards the Fibonacci targets of wave Y (grey) of wave B (black).

1 hour

The wave 4 (orange) bounced at the 50% Fibonacci level and is building a small wedge (orange and light green trend lines). A breakout could mean a wave 5 (orange) of wave 3 (magenta).

USD/JPY

4 hour

The USD/JPY is most likely in a wave Y (green) of wave D (magenta). The invalidation level of the ABCDE contracting triangle chart pattern is at the top of wave B (magenta).

1 hour

The USD/JPY completed the wave X (purple) and is probably going to higher levels to complete wave Y (purple).