EUR/USD Breaks Above 1.10 Round Number Resistance 2015.08.12

EUR/USD

4 hour

The EUR/USD managed to break above one of resistance trend lines (red) and could potentially move higher towards the Fibonacci targets of wave Y versus W.

1 hour

The EUR/USD bounced off the support (green) trend line for another bullish rally, which could be wave A (blue) of a bigger ABC.

GBP/USD

4 hour

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

1 hour

The GBP/USD was not able to break above resistance (orange/red) and is most likely retracing lower as part of wave X (magenta).

USD/JPY

4 hour

The USD/JPY needs to break the top of wave 5 (purple) before an uptrend continuation is more likely. At the moment a slight rising wedge chart formation is visible when comparing the angles of the red and green trend lines.

1 hour

The USD/JPY is in an uptrend channel (green) but is facing multiple levels of resistance (red). A bullish breakout would change the wave count.