EUR/USD Approaching Critical Bottom and Yearly Low 2015.11.23

EUR/USD

4 hour

The EUR/USD is reaching a key support zone (green), which will either provide a bullish bounce with wave C, a bearish break with wave 3 or a sideways consolidation (wave 3 or C). The presence of double divergence (purple) increases the likelihood of a bounce. The Fibonacci levels are showing the wave C targets (green). A wave 3 becomes more likely once price manages to break the 161.8% target.

1 hour

The EUR/USD completed a bullish ABC zigzag (green) and now it might be making a bearish zigzag too (green). As long as price stays above the Fibonacci levels mentioned in the chart, price is most likely still in a wave X (blue) correction.

GBP/USD

4 hour

The GBP/USD eventually made a bearish turn for wave 4 (green). It now broke below support (dotted green) and is most likely in wave 5 (green) with Fibonacci targets in its vision (Fib levels from 3 vs 1 pink).

1 hour

The GBP/USD broke out below the various support levels (green) and could be heading towards the Fibonacci targets of wave 5 (green). Price is now in a wave 3 (blue) but a stronger pullback could complete the wave 3 at the recent bottom. A wave 4 retracement should not go above the bottom of wave 1 (orange line).

USD/JPY

4 hour

The USD/JPY stopped its bullish momentum at the confluence of Fibonacci resistance levels. A break above the 100% level could see a renewed uptrend continuation whereas a failure to break the top could support the current AB (blue) wave count.

1 hour

The USD/JPY bounced off the support trend line (green), which could be part of a bigger ABC correction (blue). Within wave B (blue) price could be making an ABC zigzag (green).