EUR/USD and GBP/USD Head Lower in 5 Bearish Waves 2015.09.22

EUR/USD

4 hour

The EUR/USD is still in a bullish angled channel (trend lines) but the bearish price action occurred in 5 waves which is most likely part of wave 1 or wave A (both green). A break of the support trend line (green) would confirm the completion of wave 2/B (green) and the start of wave 3/C.

1 hour

The EUR/USD seems to have completed 5 bearish waves (purple). Whether wave 5 (purple) is completed remains to be seen but a pullback for a wave 2 (brown) remains possible later on as well.

GBP/USD

4 hour

The GBP/USD seems to have completed 5 bearish waves which completed a wave 1 or A (green). The bullish reaction has been in 3 distinct waves so far which is marked as an ABC (orange).

1 hour

The bearish turn at the top could have concluded wave 2/B (green) and the current fall looks to be in 5 waves (pink). A breakout below the support (green) trend line increases the chances of a wave 3 (orange) or C starting.

USD/JPY

4 hour

The USD/JPY count has been changed to reflect the triangle ABCDE (purple) character of the current chart pattern.

1 hour

The current ABC formation (blue) could signal the completion of the triangle (wave E purple).