EURUSD continues bearish momentum and confirms 5 wave decline 2016.05.06
EUR/USD
4 hour
The EUR/USD broke another support trend line (dotted green) yesterday and the bearish decline is picking up speed. One more important line remains unbroken (solid green), which could mark the difference between a retracement (for more upside) or reversal (for more downside).
1 hour
The EUR/USD extended the bearish 5th wave (green) yesterday after breaking the support (dotted greens). The extension seems to be unfolding in 5 waves (orange). The ABC (blue) could turn into 123 if price can prove that a reversal is taking place.
GBP/USD
4 hour
The GBP/USD's decline has expanded with more bearishness. A break of that support trend line would confirm the downtrend on the GBP/USD whereas a bounce at support could indicate an expansion of the uptrend.
1 hour
The GBP/USD showed a choppy trading day yesterday, which has been marked as an ABC (blue) within wave B (green). A bullish break above the resistance trend line (red) could see price develop towards the Fibonacci levels of wave B (pink). A bearish break below the support trend lines (green) could price expand wave A (pink) lower.
USD/JPY
4 hour
The USD/JPY is building a triangle chart pattern below the broken bottom (orange). A bullish break of the triangle could indicate a trend change whereas a bearish break of the triangle could see a downtrend continuation unfold.
1 hour
The USD/JPY has gone sideways yesterday as indicated by the support (blue) and resistance (red) trend lines. A break above the resistance trend line (red) could see the continuation of wave C. A break below support (blue) could see price fall towards the Fibonacci levels of B vs A. The other likely wave count is the start of an impulsive wave count via 123 (purple).