EUR/USD bullish bounce at 50% Fibonacci retracement level 2016.03.10

EUR/USD

4 hour

The EUR/USD bounced at the 50% Fibonacci retracement, which could be part of wave X (blue). A bullish continuation could see price expand towards Waves Y.

1 hour

A break below the dark green line could indicate a continuation of Wave X (blue). If price stays above it then a wave 1 and 2 could be unfolding (orange) within a larger ABC (green).

GBP/USD

4 hour

The GBP/USD is in a contracting triangle chart pattern. A break below the support trend lines is needed before price can expect to start wave 5. A break above the brown horizontal line invalidates wave 4 (blue).

1 hour

The GBP/USD could be starting a new bearish impulse (pink) with a wave 1-2 if it manages to stay below the previous top and eventually break below support. The triangle pattern is visible when reviewing the blue and red trend line.

USD/JPY

4 hour

The USD/JPY remains in a larger sideways correction (orange/green). A break above orange however still indicates that price has long-term resistance above it. A break below green could see price fall as part of a wave B correction.

1 hour

The USD/JPY completed a bearish ABC zigzag and broke above resistance (dotted red). Price could find resistance at the top of the triangle.