EURUSD, GBPUSD build trend channels in bullish waves 2016.04.27
EUR/USD
4 hour
The EUR/USD has approached a resistance trend line (orange) which is a bounce or break spot. A bearish bounce would confirm the wave X (green) correction; whereas a bullish breakout would see the larger WXY (purple) develop towards resistance (red).
1 hour
The EUR/USD continues to build a bullish channel (purple lines) but seems to have completed an bullish ABC zigzag (orange). A break below that channel could start a bearish correction towards the Fibonacci levels of wave X (purple) mentioned on the 4 hour chart.
GBP/USD
4 hour
The GBP/USD broke above another resistance trend line (dotted brown) but price still has one more horizontal resistance level to deal with (red) before the uptrend has managed to break all of the long-term resistance.
1 hour
The GBP/USD is building a bullish ABC zigzag (blue) with Fibonacci targets above. One more 5th wave seems likely as long as price remains in the bullish trend channel indicated by purple and light green lines.
USD/JPY
4 hour
The USD/JPY is challenging the bottom of wave 1 (red line), which is the invalidation level of the current wave structure. A break below the support trend line (light green) makes it more likely that the wave Y (pink has been completed).
1 hour
The USD/JPY made a bullish break above the resistance line (dotted orange) and could have completed the 5th waves via a truncation (failure to break the previous high). This wave count would make sense once price breaks below the support trend line (green).