EUR/USD, GBP/USD start trading week with impulsive breakouts 2016.06.20

EUR/USD

4 hour

The EUR/USD bullish bounce has reached a resistance trend line (red). The bullish momentum is in control at the moment and a breakout now or later this week seems most likely. The Fibonacci levels are targets for the breakout.

1 hour

The EUR/USD is near the 78.6% Fibonacci target which could cause price to pause and build a chart pattern such as a contracting triangle.

GBP/USD

4 hour

The GBP/USD has broken several resistance trend lines (dotted orange/red) since the bullish bounce after completing wave X (blue).

1 hour

The GBP/USD Fibonacci targets could stop the wave 3 (green) and start a sideways correction as part of wave 4 (green).

USD/JPY

4 hour

The USD/JPY has space to fall to the 50% of the monthly chart. Price action is well on its way via a bearish ABC (blue).

1 hour

The USD/JPY is building a bear flag which took price to the 38.2%-50% Fibonacci retracement levels. A break below the flag could see price fall towards the Fibonacci targets. A break above the resistance trend line (red) before making a lower low invalidates the current wave 4 (pink).

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