EURUSD bearish retracement within bullish trend 2016.04.04

EUR/USD

4 hour

The EUR/USD is approaching horizontal resistance levels from the daily chart (red) around the psychological round level of 1.15. The recent bullish momentum is most likely a wave A (blue) of a bigger ABC zigzag.

1 hour

The EUR/USD showed a bearish impulse last week (green A) and so far has been unable to break above the top of wave 5, which increases the likelihood of a wave B (green). A bearish ABC (green) within wave B (blue) could see price fall towards the Fibonacci targets. A break above the trend line (purple) could indicate a trend continuation.

GBP/USD

4 hour

The GBP/USD is in a contracting triangle chart pattern with support (green) and resistance (orange) marking the boundaries. For the moment a bullish ABC (pink) is more likely unless price breaks below the support (green).

1 hour

The GBP/USD saw the wave C (green) continue below the support (dotted green) trend line last week. A bearish ABC zigzag (green) could be near its completion if the bottom (100%) of wave B (pink) does not break.

USD/JPY

4 hour

The USD/JPY is now close to retesting the double bottom (green), which will be a decision zone where a bullish bounce or a bearish break will occur.

1 hour

The USD/JPY broke the support (dotted green) of the smaller 1 hour triangle. Price is now falling down towards the Fibonacci levels.