EUR/USD and GBP/USD retracing in waves to Fibonacci levels 2016.03.01

EUR/USD

4 hour

The EUR/USD retraced back to the 78.6% Fibonacci retracement of the wave X (purple) correction. The wave count is vulnerable to change if price breaks below this level.

1 hour

The EUR/USD could have completed an ABC bearish zigzag (orange) down towards the wave X (purple) but a break above resistance is needed before the completion of the ABC becomes more likely.

GBP/USD

4 hour

The GBP/USD seems to have completed a wave 3 (pink). Price could now be starting a wave 4 (pink) retracement with resistance at the Fibonacci levels of wave 4 vs 3.

1 hour

Within wave 3 (pink) the GBP/USD completed a bearish 5 wave (orange) as part of the wave's 5 (grey/blue). An ABC correction seems to be unfolding as part of wave 4.

USD/JPY

4 hour

The USD/JPY break below the bottom (green) makes it likely that price has completed a wave X (brown) and is in wave Y (blue).

1 hour

The USD/JPY seems to have completed a bearish ABC zigzag (pink). If price keeps pushing lower and below the bottom (green), then the wave count can chance to a 123. If price makes a bullish correction, then this could lead to price moving higher as part wave X (brown).