EUR/USD Bullish Spike Hits 50% Fibonacci Retracement Level

EUR/USD

4 hour

The EUR/USD broke below the major bottoms (dotted greens) from the weekly chart but price is showing a strong bullish bounce at the moment. The retracement could be part of a wave 2 (brown) correction.

1 hour

The EUR/USD could still continue higher within wave C (purple) unless price breaks below the top of wave 1 (blue).

GBP/USD

4 hour

The GBP/USD bounced at the support trend line (blue) and seems to be building a larger retracement, which is most likely a wave 4 (blue) correction. The previous price action swing has been labelled as a wave 3 momentum (blue). A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels.

1 hour

The GBP/USD is showing numerous divergence between the bottoms and also broke above a resistance trend line (dotted orange), which makes it likely that an ABC correction (orange) is taking place.

USD/JPY

4 hour

The USD/JPY is most likely still in a wave 4 (orange) correction unless price breaks below the top of wave 1 (orange) which is indicated by a trend line (green). A break above resistance (red) could see price move towards the Fib targets.

1 hour

The USD/JPY could be building a bullish bounce at the Fib levels of wave 4 vs 3.

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