EUR/USD Critical Zone for Long-term Break or Bounce 2015.07.17
EUR/USD
4 hour
The EUR/USD is approaching an important break or bounce level (decision spot), which is the support trend line (green) connected to bottom at wave X (green).
1 hour
The EUR/USD could have completed an ABC correction (blue) with a 5th wave potentially completing at 1.0850. A break below the support trend line (blue) would change that perspective.
GBP/USD
4 hour
The GBP/USD seems to be building on a bullish rebound since hitting the support trend line (green) and breaking the resistance (red).
1 hour
The GBP/USD could retrace deeper within the 2nd wave (orange) but a break below the 100% level would invalidate the wave count.
USD/JPY
4 hour
The USD/JPY built a strong bullish momentum which could be the wave A (lavender) of a bigger ABC within wave X (green).
1 hour
The USD/JPY still remains in the rising wedge chart pattern (blue and red lines) but the space is getting smaller and a break out either direction could occur soon.