Trend Channels and Key Levels Dominate the Major Currency Pairs 2015.04.13
April 13, 2015 05:11
EUR/USD
4 hour
The EUR/USD is in a downtrend channel which is indicated by the orange trend lines. Price however is approaching the previous bottom (green line).
1 hour
Price has reached the 161.8% Fibonacci target but could fall further especially if it stays below the resistance (orange).
GBP/USD
4 hour
The GBP/USD has approached the previous bottom (green line) and could either bounce up as part of a bigger consolidation or break lower as part of the down trend.
1 hour
The 1 hour chart shows the potential for one more fall within the wave C (orange) to complete 5 waves (light blue).
USD/JPY
4 hour
More evidence of bullish momentum is needed before the wave count is changed.
1 hour
The USD/JPY is in an uptrend channel (purple) but the overall picture remains choppy and corrective.