Wave structure explains complicated US Dollar charts

EUR/USD

4 hour

The EUR/USD showed a bullish attempt to break above the heavy resistance layer at 1.15 but failed to push above it. The failure to break means that price is still moving sideways in between strong layers of support (green) and daily resistance (red). The wave C (blue) could now be completed but the wave count will depend on how price breaks the consolidation zone.

1 hour

The EUR/USD made one more push up yesterday as expected within a wave 5 (green) but then fell quickly back to support (green box). This quick bearish momentum has been labeled as a wave A (blue) for the moment. The waves are vulnerable to change if price continues to go sideways.

GBP/USD

4 hour

The GBP/USD could have completed the wave Y corrections at the 78.6% Fibonacci level. However, price is in an uptrend channel (green/red), which could carry price to higher levels as well. A bearish break below the channel is needed to confirm the completion of waves Y.

1 hour

The GBP/USD indeed completed a wave 4 and 5 (blue) yesterday. The subsequent fall had decent bearish momentum so for the moment this has been labeled a wave A (blue). However, as long as price remains in the bullish channel price could keep pushing higher and make further bullish extensions.

USD/JPY

4 hour

The USD/JPY is making a retracement rally within wave 4 (green). The wave 4 (green) retracement levels remain potential resistance spots.

1 hour

The USD/JPY has reached the 23.6% Fibonacci level but the wave C (pink) could make a break above the resistance (orange) to retest higher Fib levels.