EUR/USD and GBP/USD Building Corrective Waves 2015.11.27

EUR/USD

4 hour

The EUR/USD remains ingrained in a downtrend channel which is indicated by the orange and blue trend lines. Price is near the year low (green) of 1.0460 which could act as a strong support level.

1 hour

The EUR/USD price action has moved sideways yesterday representing a consolidation zone. The zone could be part of a wave B (green) correction.

GBP/USD

4 hour

The GBP/USD is in a downtrend channel which is indicated by the support (green) and resistance (red). Price is most likely in a wave 4 (blue) correction.

1 hour

The GBP/USD is building a contracting triangle, which is indicated by the support (green) and resistance (orange/red). A break below support could see price move down towards the Fib targets. A break above the resistance trend line could see price struggle with the resistance Fibs.

USD/JPY

4 hour

The USD/JPY turned at the 78.6% Fibonacci resistance level. A break above resistance (orange) could see price move up toward the next confluence zone of Fibs. A break below support (green) could see price move towards the Fibonacci targets of wave C (blue).

1 hour

The USD/JPY could have completed a wave 4 (green) retracement. Price broke the mini support trend line (dotted green) but a bigger bottom remains intact (solid green).