EUR/USD Bounces at Wave-X and Advances to Resistance 2015.07.27

EUR/USD

4 hour

The EUR/USD is building a bullish corrective pattern with a WXY (lavender).

1 hour

The EUR/USD broke above the resistance trend line (purple) after a bounce at the Fibonacci support level. The confluence of resistance trend lines (orange and red) is an important bounce or break spot.

GBP/USD

4 hour

The GBP/USD remains in a wedge with support (green) and resistance (red) nearby.

1 hour

If the GBP/USD breaks below the support (blue) and the 61.8% Fibonacci retracement level then this could indicate a bigger wave X (green) correction which corrects lower. A bounce could indicate the potential for a rise towards resistance (red).

USD/JPY

4 hour

The USD/JPY could be building an ABC (brown) formation within wave X (green).

1 hour

The USD/JPY could be in the third wave (blue) of a bearish ABC zigzag (lavender).