Major currency pairs reveal bounce or break spots 2016.02.03

EUR/USD

4 hour

The EUR/USD remains in the middle of the contracting triangle chart pattern. A break above resistance could see price move to higher Fibonacci targets.

1 hour

The EUR/USD seems to have completed a bullish movement as part of an impulsive 5 wave (orange), which could be part of a larger ABC (green).

GBP/USD

4 hour

The GBP/USD is building a shallow angled bullish channel (orange/green), which is bear flag chart pattern. Price seems to have completed wave A (pink) at resistance (orange) and could now retrace as part of a larger ABC (pink).

1 hour

The GBP/USD break below support (green) could price fall towards the Fibonacci levels of wave B (pink). A bullish break above resistance (orange) could see price extend wave A (pink).

USD/JPY

4 hour

The USD/JPY indeed made a bearish turn and chances of a wave X (green) correction being completed are increasing. Price should stay below the resistance trend line (orange) otherwise there is a chance of price posting a higher high. A break below support (green) could see price head towards the Fibonacci targets.

1 hour

The USD/JPY is increasing bearish momentum and has approached the support trend line (green), which is a bounce or break spot.