EUR/USD and GBP/USD Approaching Critical Break or Bounce Spots 2015.04.23

EUR/USD

4 hour

The EUR/USD bullish move up fell short of the main Fibonacci targets (61.8% as the first one), which could either be a retracement for a wave X (orange) or a change in wave count (if price breaks below wave X (green).

1 hour

Price is now at the bottom of the uptrend channel, which is a potential break or bounce spot.

GBP/USD

4 hour

The GBP/USD made a strong bullish bounce yesterday at the 38.2% Fibonacci retracement level and it is approaching the 61.8% target and previous top (red line).

1 hour

The bullish price action was impulsive and seems to best explained by a 5 wave pattern (orange) which could end up being part of an ABC correction (magenta).

USD/JPY

4 hour

The USD/JPY bullish run could run out of steam at the 61.8% Fibonacci level of wave X (green).

1 hour

The support (green) and resistance (red) trend lines could be important levels whether wave X (green) will be expanded to a higher point or whether wave Y (green) has started.