Major Forex pairs arrive at critical decision zones 2016.03.08

EUR/USD

4 hour

The EUR/USD retraced back to the 50% Fibonacci level and showed a bullish bounce. This could complete wave B (blue) within a larger ABC zigzag (blue).

1 hour

The EUR/USD is at a resistance trend line (red) which is a potential break or bounce spot.

GBP/USD

4 hour

The GBP/USD's wave count has been changed to reflect the larger bullish price action. Price is still at levels of resistance such as the trend line (red) and 61.8% Fib. A break above the brown horizontal line invalidates wave 4 (blue).

1 hour

The GBP/USD is making an ABC bullish zigzag (pink) within the potential wave 4 (blue).

USD/JPY

4 hour

The USD/JPY has broken below the support (green) level and has remained below resistance (red). This could be part of larger wave B correction.

1 hour

The USD/JPY broke below support in what could be a bearish ABC zigzag (green).