EURUSD, GBPUSD break below strong support zones 2016.04.14

EUR/USD

4 hour

The EUR/USD seems to have indeed completed wave C (blue) as indicated yesterday due to the bearish break of the support zone (greens).

1 hour

The EUR/USD completed a wave B (blue) correction before breaking the support zone. At the moment price could be completing a bearish ABC (blue) or developing a new bearish impulse via a 123 (also blue).

GBP/USD

4 hour

The GBP/USD developed a bearish turn at the 78.6% Fibonacci level and price has also broken the support trend line (dotted green). Whether this is the restart of the downtrend depends on whether price can break the shallow angled trend channel (light green / orange).

1 hour

The GBP/USD broke the bullish channel (dotted green) and is continuing with a ABC bearish zigzag (blue). Alternatively price could also be developing a 123, either within wave C (blue) or replacing the ABC (with sufficient bearish momentum).

USD/JPY

4 hour

The USD/JPY is making a retracement rally within wave 4 (green). The wave 4 (green) retracement levels remain potential resistance spots.

1 hour

The USD/JPY has reached the 38.2% Fibonacci level but the wave C (pink) could make a break above the resistance (orange) to retest higher Fib levels.