Triangle Formations Prove Robustness in Forex Majors 2015.10.06

EUR/USD

4 hour

The EUR/USD is expanding the wave 2 (brown) correction unless price is able to break away from the current average and sideways zone.

1 hour

The EUR/USD price action remains stuck in between support (green) and resistance (red) trend lines, which is now becoming a contracting triangle. A break below support is needed before wave 2 (brown) could be considered completed.

GBP/USD

4 hour

The GBP/USD has respected the 23.6% Fibonacci level but this retracement is very shallow and typically pullbacks go deeper.

1 hour

Price did not see a bullish impulse develop and retraced back to support (green). The bearish price action is most likely an ABC (light green) development unless price breaks below the bottom (green).

USD/JPY

4 hour

The USD/JPY price action remains in the sideways zone that is marked by support (blue) and resistance (purple).

1 hour

The USD/JPY broke the top where the strong bearish momentums started (purple), which invalidates a wave 1-2 and instead means that a corrective formation is developing.