EURUSD multiple bounces in triangle, GBPUSD breaks wedge 2016.02.01

EUR/USD

4 hour

The EUR/USD stayed again with the range of the narrow triangle formation by respecting the resistance trend line (orange) and falling back towards support (green). A break of support could see price fall back towards the Fibonacci levels of wave X (brown). A bounce at support could see price go back towards resistance.

1 hour

The EUR/USD could have completed a bearish ABC zigzag if price manages to break the inner resistance trend line (orange).

GBP/USD

4 hour

The GBP/USD has hit the 23.6% Fibonacci level of wave 4 (purple) and has shown a strong bearish turn at the resistance after which price managed to break support (dotted green).

1 hour

The GBP/USD bearish action could either be part of an ABC correction (blue) which expands wave 4 (purple) or a new 1-2 bearish impulse which restarts the downtrend. For the moment an ABC has been placed on the chart.

USD/JPY

4 hour

The USD/JPY broke the resistance trend line (dotted red) and showed a large bullish momentum to the resistance Fibonacci levels. The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

1 hour

The USD/JPY has completed a wave 4 (pink) within the wave C (green) and could now be headed towards the Fibonacci targets of wave 5.