EURUSD, GBPUSD construct giant triangle patterns 2016.04.11

EUR/USD

4 hour

The EUR/USD is moving sideways in between strong layers of support (green) and daily resistance (red). The current wave count favors one more bullish push to complete wave C (blue) of larger wave Y corrections.

1 hour

The EUR/USD bearish break could indicate that wave C (blue) is completed and a bullish break could indicate that wave C (blue) is still developing.

GBP/USD

4 hour

The GBP/USD break of the resistance could see the continuation of waves Y (pink, blue). A break below support levels (green) could indicate the continuation of the downtrend which would invalidate wave X (pink).

1 hour

The GBP/USD continued to build a triangle (green/orange) chart pattern. If price makes a bullish break above resistance (orange) then the Fibonacci levels of C (green) could turn out to be targets.

USD/JPY

4 hour

The USD/JPY continued with its strong bearish momentum towards lower Fibonacci targets.

1 hour

The USD/JPY completed a wave 4 (orange) at the 50% Fibonacci retracement level and seems to be building another bearish leg within wave 5 (orange).