EUR/USD and USD/JPY bullish bounce, GBP/USD bearish trend 2016.02.25

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level and support trend line (green). A break below support could see price fall towards the 78.6% Fibonacci level. A break above resistance (red) could see price move towards Fibonacci targets (Y vs W).

1 hour

The EUR/USD seems to have completed a bearish wave 5 (orange). A break above the resistance trend line (orange) could indicate the completion of wave X (purple).

GBP/USD

4 hour

The GBP/USD broke the bottom (dotted green) and has continued with its bearish momentum and trend.

1 hour

The GBP/USD moved lower as part of the 5th wave (blue). Price seems to be building a small triangle correction which could be explained by a wave 4 (grey).

USD/JPY

4 hour

The USD/JPY is show a low level of bearish momentum and was (so far) unable to break the bottom (solid green). Unless price break below the bottom it seems more likely that price can make a bigger bullish retracement as part of wave Y (blue) of wave X (brown).

1 hour

The USD/JPY seems to have completed two bearish ABC zigzags and could now be building a bullish ABC within wave Y (blue) unless price breaks the bottom.