EURUSD correction to 38.2% Fibonacci in bearish channel 2016.03.24

EUR/USD

4 hour

The EUR/USD bearish price action has been choppy so far and seems to be building a bearish correction towards the Fibonacci levels of wave X (blue).

1 hour

The EUR/USD seems to be in a correction. A break below the 50%/61.8% Fibonacci increases the likelihood that price is not retracing but reversing. A break above resistance (red) increases the chance that the bearish price action is a retracement.

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted green) with bearish momentum which could the development of bearish 5 wave (green).

1 hour

The GBP/USD could be close to completing a wave 3 (green) instead of an ABC. A bullish pullback could find resistance at the Fibonacci levels if the wave count is indeed a wave 4 (green).

USD/JPY

4 hour

The USD/JPY remains in a sideways consolidation zone (orange/green). Price is building a shallow bullish channel and has potential resistance above it from the Fibonacci levels of wave B (blue).

1 hour

The USD/JPY is approaching a resistance zone which consists of the Fibonacci retracement levels and the trend line (red). A bearish turn could indicate that wave B (blue) is completed. A break above the 100% level indicates the invalidation of the potential ABC.