Forex Market Waiting for Trend Line Breakouts 2015.11.13

EUR/USD

4 hour

The EUR/USD is in a wave 4 (brown) correction. The wave count will be changed if price manages to break above the horizontal resistance (red).

1 hour

The EUR/USD has expanded the chart pattern from a contracting triangle to a bear flag formation. A break of the bear flag could spark the start of wave 5 (brown).

GBP/USD

4 hour

The GBP/USD is currently in a wave 4 (green), which will be invalidated once price crosses the bottom and origin of wave 1 (green).

1 hour

The GBP/USD has a clear support (green) and resistance (red) trend line marking its boundaries. At the moment the most recent price action is marked as a wave 1-2 (blue). A break above the origin of wave 1 invalidates that wave count whereas a break below support could confirm it.

USD/JPY

4 hour

The USD/JPY is most likely still in a wave 5 (green) of a wave A (blue) as price consolidates sideways (red).

1 hour

The USD/JPY retraced to a lower Fibonacci retracement and bounced at the 61.8% Fib level. Price is still making a bull flag chart pattern which is invalidated once price breaks below the 78.6% Fib. A break above the flag most likely confirms the uptrend continuation.