Major Forex pairs turn at Fibonacci and break support 2016.02.29

EUR/USD

4 hour

The EUR/USD broke the support trend line (green) and could be expanding the wave X (purple) correction. The wave count is vulnerable to change if price breaks below the 78.6% Fibonacci level.

1 hour

The EUR/USD seems to be building an ABC bearish zigzag (orange) down towards the wave X (purple).

GBP/USD

4 hour

Price is making a lower low most likely as part of wave 5 (blue) within wave 3 (pink).

1 hour

The GBP/USD could still be in a wave 4 (grey) especially if price stays below the 50% or 61.8% Fibonacci. A pullback as deep as the 78.6% or more means that wave 5 (grey) has most likely already been completed as a truncated last wave (truncate is lack of breaking the bottom of wave 3).

USD/JPY

4 hour

The USD/JPY is approaching the broken daily bottoms, which have now turned into resistance lines (dark red). A break below the bottom (green) makes it likely that price has completed that wave X (brown) and is in wave Y (blue).

1 hour

The USD/JPY seems to have completed a bullish ABC zigzag (green). This could also lead to the completion of wave X (brown) or be part of an expanded correction, which could become evident how price responds to the support trend lines (bounce or break).