EUR/USD Approaches the Resistance within a Strong Downtrend Channel 2015.04.14

EUR/USD

4 hour

Whether the EUR/USD is back in the bigger downtrend or making a bigger correction as part of a wave 4 (green) remains to be seen and partially depends on how price will react to the previous bottom (green).

1 hour

Wave C (orange) is marked as uncompleted but a break of the resistance trend line (orange) increases the chance of C being completed.

GBP/USD

4 hour

The wave X (blue) of the GBP/USD is invalid as soon as price breaks below the 138.2% level (X vs W).

1 hour

Price action will show the most likely scenario of today: a bounce up higher or a break out lower.

USD/JPY

4 hour

The USD/JPY failed to break above the 61.8% Fibonacci levels and broke below a support trend line (green), which could indicate the potential completion of wave X (magenta). This wave count is very vulnerable to change and could become part of an expansion before price is moving up.

1 hour

The USD/JPY has wave X vs W Fibonacci levels in case price respects the resistance but also Fibonacci targets in case price manages to break to higher levels.