EUR/USD retraces to 78.6% Fib and channel support 2016.02.15

EUR/USD

4 hour

The EUR/USD is in a bullish trend channel (dark blue) within a larger wave 4 (blue) correction.

1 hour

A break below the 100% Fibonacci level invalidates the current wave count. A break above resistance (orange) could see price complete the ABC (orange) zigzag.

GBP/USD

4 hour

The GBP/USD is moving sideways in a corrective zone within the wave 4 (purple).

1 hour

The GBP/USD choppiness could make various wave corrections possible. At the moment the charts are showing a bearish ABC zigzag which takes price back to support for wave X (green).

USD/JPY

4 hour

The USD/JPY broke the resistance trend line (orange dotted). Price could now be building a bullish correction before continuing with the downtrend. A bearish turn for wave X (blue) should occur at the Fibonacci levels (X vs W) otherwise the current wave count is invalidated.

1 hour

The USD/JPY is building a larger correction via an ABC (green) zigzag.