EUR/USD Breaks Resistance and Accelerates to 78.6% Fibonacci 2015.10.11

EUR/USD

4 hour

The EUR/USD respected the 78.6% Fibonacci level after price broke the resistance at around 1.1325. The invalidation level of the wave 1-2 (brown) is the purple line. A break below support most likely confirms the development of the wave 3 or C (green).

1 hour

The latest bullish price action could have completed wave C (blue) or there could more upside remaining as price makes a wave 3 and 4 (green) within C.

GBP/USD

4 hour

The GBP/USD is currently showing a bullish retracement as part of the wave 2 (orange). Price stopped at the 50% Fibonacci retracement level but could go to a higher Fib if price does continue with an ABC zigzag (green).

1 hour

The GBP/USD seems to be building a bearish ABC correction (blue) within the wave B (green).

USD/JPY

4 hour

The USD/JPY remains secured in a consolidation (red/green) within a sideways range (purple/blue). The wave count is favoring a bearish structure with a wave B and C (brown) due to strong bearish momentum in August (wave A).

1 hour

A USD/JPY break above resistance (red/purple) invalidates the current 1-2 wave structure and could indicate, for instance, a deeper wave 2 (purple) retracement.