78.6% Fibonacci Levels Offer Potential for Deep Bounces 2015.08.04

EUR/USD

4 hour

The EUR/USD remains in a consolidation zone with a WXY (green) wave structure in wave 4 (blue).

1 hour

The EUR/USD retraced back to the 78.6% Fibonacci retracement. A break below the 100% Fibonacci level invalidates the wave count.

GBP/USD

4 hour

The GBP/USD is in an ascending wedge with nearby resistance (red) and support (green) trend lines.

1 hour

The GBP/USD retraced back to the 78.6% Fibonacci retracement. A break below the 100% Fibonacci level invalidates the wave count.USD/JPY

USD/JPY

4 hour

The USD/JPY is in an ascending wedge with nearby resistance (red) and support (green) trend lines. A bearish breakout confirms the continuation of wave Y (blue) whereas a bullish break would indicate a continuation of the ABC (lavender).

1 hour

The USD/JPY wave count is showing a potential ABC zigzag (green) within wave Y (blue). A break above the 100% level invalidates the structure.