EURUSD, GBPUSD squeezed between solid S&R 2016.04.26
EUR/USD
4 hour
The EUR/USD bounced at the 38.2% Fibonacci level but needs to break above the resistance (orange) trend line before wave X (purple) could be considered completed.
1 hour
The EUR/USD is building a bullish channel but the angle has been shallow, which increases the chances of a WXY (green) within a wave X (purple).
GBP/USD
4 hour
The GBP/USD broke above the resistance trend line (dotted red) but price still has one more long-term resistance trend line above it (brown) and a 78.6% Fibonacci level. A break below the support trend lines (greens) most likely starts a new bearish wave.
1 hour
The GBP/USD has pushed for a new higher high and is moving up towards the Fibonacci targets. The wave 5 posted a higher high but the oscillator is showing a lower high, which is causing strong divergence (purple 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 bullish break of the resistance line (red) could see price complete the 5th wave, whereas a break below the support trend line (green) could indicate the start of a new bearish impulse.