EURUSD & GPBUSD Build Wave 2 Retracement 2015.09.28
EUR/USD
4 hour
The EUR/USD bounced a 3rd time at the support trend line (green) to stay within the boundaries of the wave 2 (brown). There is a chance for price to pullback deeper within that wave 2 towards the 61.8% or the 78.6% but a break above the top (100%) invalidates the 1-2 development. A break below support (green) could initiate the start of wave 3 or C (green).
1 hour
The EUR/USD bearish move last week seems to be a corrective ABC of a bigger wave X (purple).
GBP/USD
4 hour
The GBP/USD is bouncing at the support level of the previous bottom (green). The current bearish move seems to complete 5 waves (pink) which in turn could be part of a larger wave 1 (orange).
1 hour
A break of the bottom could indicate a potential extension of the wave 5 (pink). A break above resistance (red-orange) could indicate the potential for a wave 2 (orange).
USD/JPY
4 hour
The current wave E variant is invalidated if the USD/JPY breaks above the purple trend line. A break below the support line (blue) could initiate the start of wave C (brown).
1 hour
Last week's bullish price action was most likely an ABC (green), which completed a larger wave Y and wave E (purple).