EUR/USD Tumbles Lower in Impulsive Wave 3 2015.10.23

EUR/USD

4 hour

Yesterday's news events connected to the Euro sparked the start of the wave 3 (dark red). Price broke below the various support levels (green) in a very impulsive fashion, which resembles the typical price action of a wave 3 of wave 3 (green/dark red).

1 hour

The wave 3 (dark red) has most likely not been completed and will see multiple continuations on lower time frames like the wave 3's mentioned in the 1 hour chart. Whether wave 3 (green) has been completed remains to be seen but a pullback for wave 4 (green) will most likely find resistance at the 23.6-38.2 (max 50) Fibonacci levels.

GBP/USD

4 hour

The GBP/USD broke below support (purple) after struggling at the resistance trend line (red) for quite a while. For the moment I have marked the wave 2 (orange) as completed and am anticipating a bearish turnaround on the GBPUSD.

1 hour

The GBP/USD could be building a bearish 5 wave (green) with price retracing for wave 4 and then following once more for wave 5. Price is still above the support level (green) which could be a level that supports the completion of a wave 1 (pink).

USD/JPY

4 hour

The USD/JPY is testing the top of the consolidation zoned (purple/blue) lines. The current wave 2 (purple) is invalided in case price is able to break above the resistance (purple) and origin of wave 1 (100% Fib). At the moment price could still subscribe to the ABC zigzag formation (green).

1 hour

The USD/JPY broke the rising wedge chart pattern when it broke above the resistance trend line (dotted dark red). The bullish impulse could be a wave 3 (orange), which means that the current retracement is a potential wave 4 (orange). A bearish break below the origin of wave 1 (blue) and support (green) changes the wave count.