EURUSD and GBPUSD Rally at Fibonacci Support Levels 2015.07.29

EUR/USD

4 hour

The EUR/USD has bounced at the support trend line (green) which was probably a correction (wave B) of the bullish momentum on Monday (wave A).

1 hour

The EUR/USD bounced at the 61.8% Fibonacci support level and is now approaching a 4 hour resistance trend line (red).

GBP/USD

4 hour

The GBP/USD bounced at the 50% Fibonacci support level and is continuing the bullish rally. A resistance level (red) is nearby which marks the top of the consolidation zone.

1 hour

The ABC (magenta) is most likely part of a bigger WXY (orange) unless price manages to break below the Fibonacci levels of wave X (orange and green).

USD/JPY

4 hour

The USD/JPY showed a bearish bounce at the resistance trend line (red) which could be an extension of the wave WXY (purple).

1 hour

The USD/JPY is showing a downtrend on this time frame which is marked by a clear resistance trend line (red).