EUR/USD bounces 400 pips at Fibonacci target 2016.03.11

EUR/USD

4 hour

The EUR/USD made a deep bearish retracement but eventually price did show a large 400 pip bullish bounce at the 100% Fibonacci level taking price from 1.0825 to 1.1225. A bullish continuation could see price expand towards the waves Y.

1 hour

The bullish bounce at the 100% Fibonacci level was very impulsive. It seems most likely that price will build an ABC bullish zigzag (green).

GBP/USD

4 hour

The GBP/USD broke above the resistance trend line (dotted red) for an extended bullish run. A push above the resistance (brown) trend line invalidates wave 4 (blue). In such a case, the alternative wave count could have wave 5 (blue) end at the current spot of wave 3.

1 hour

The GBP/USD could be in a wave 5 (blue) of wave C (pink).

USD/JPY

4 hour

The USD/JPY made a bearish bounce at the resistance trend line (orange) and price remains in a larger sideways correction (orange/green).

1 hour

The USD/JPY turned at the 100% Fibonacci targets and dropped substantially after the bearish bounce. The momentum could indicate a bearish wave A (green), which is followed by an entire bearish ABC zigzag.