Major currency pairs arrive at invalidation levels 2016.04.25

EUR/USD

4 hour

The EUR/USD is still showing choppy price action on this 4 hour chart. Price remains entrapped the support (green) and resistance (orange) trend lines. A bullish bounce seems most likely if price manages to stay above the 50% Fibonacci level. A push below the 50% Fibonacci retracement of wave X (purple) makes the current wave count less likely and a bearish variant more likely.

1 hour

The EUR/USD break above resistance (red) indicates a completion of the ABC (orange). If price shows a bearish bounce below resistance, then a continuation of the wave 5 (orange) within wave C (green) is more likely.

GBP/USD

4 hour

The GBP/USD is trying to push above the major resistance trend line (semi dotted red). The breakout has been slow and sluggish so far and price is struggling to break above the channel (purple/green) and horizontal resistance (orange). A break above resistance (purple) indicates that the wave Y's are not yet completed and that a potential change of the wave structure could emerge. A break below support (light green) 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 heading towards the Fibonacci targets of the wave Y (pink) correction. It is close to challenging the bottom of wave 1 (red line), which is the invalidation level of the current wave structure.

1 hour

The USD/JPY bullish break of the resistance line (red) indicates a change of the current wave structure whereas a break below the support trend line (green) could indicate the start of a new bearish impulse.