EUR/USD Breaks Support Line within Wave X 2015.06.23

EUR/USD

4 hour

The EUR/USD failure to continue higher after the breakout could increase the probability of wave W (brown) being completed and the wave X (brown) starting.

1 hour

The EUR/USD broke below the support trend line (green dotted) and could retrace to the Fibonacci retracement levels of wave X (brown).

GBP/USD

4 hour

The bearish pressure is most likely a retracement as part of the wave 4 (magenta).

1 hour

The upside could have been part of a correction or a truncated wave 5 (which does not break the top). In both cases a wave 4 retracement is likely and price could bounce at any of the retracement Fibs. A break below the 61.8% would make the wave 4 count less likely.

USD/JPY

4 hour

The USD/JPY is approaching a break or bounce spot at the resistance trend line (red)

1 hour

This chart shows the most likely wave count if price bounces at the trend line (red).