EURUSD and GBPUSD bearish break with bullish bounce 2016.02.19
Февруари 19, 2016 08:21
EUR/USD
4 hour
The EUR/USD approached the 50% Fibonacci level. A break above resistance could see build a potential breakout. If it fails, then a bigger bearish retracement could commence.
1 hour
The resistance trend line (orange) could behave a bounce or break spot.
GBP/USD
4 hour
The GBP/USD respected the 78.6% Fibonacci level. Price needs to break resistance trend line (orange) before the chances of a wave Y (blue) developing increase.
1 hour
A break below the 100% Fibonacci level invalidates the wave count.
USD/JPY
4 hour
The USD/JPY broke support (dotted green) but is not showing a lot of momentum at the moment.
1 hour
The USD/JPY is in a contracting triangle chart pattern.