EUR/USD ready for bullish break in ABC rally 2016.06.08

EUR/USD

4 hour

The EUR/USD showed indecision yesterday in its movement. However, the strong bullish price action from last week still preservers and makes a bullish ABC zigzag (orange) the most likely scenario.

1 hour

The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level. The 1.1475-1.15 price zone is the main target for the moment.

GBP/USD

4 hour

The GBP/USD is in a choppy consolidation with support (green) and resistance (red) marking the consolidation zone. A break above the 100% Fibonacci level invalidates the wave 2.

1 hour

The GBP/USD could use the support trend line (green) for further upside but the 78.6% Fibonacci level is a strong resistane.

USD/JPY

4 hour

The USD/JPY needs to break above this trend line (red) and resistance zone (orange) before a rally for a wave 3 (purple) becomes more likely. A break below the bottom (green) invalidates the wave 1-2 (purple) structure.

1 hour

The USD/JPY seems to have completed a bearish ABC (brown) zigzag within wave 2 (blue), which becomes invalidates if price manages to break below the 100% Fib level of '2 vs 1'.

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