EURUSD’s Break of Resistance & GU’s Sturdy Momentum 2015.10.15
EUR/USD
4 hour
The EUR/USD has broken through the resistance top (dotted purple) and thereby invalided the wave count which therefore necessitates a change in the wave structure. Price has been marked as a wave 5 (green) within a bigger C (blue) correction within waves Y of wave 2 or B (green) for the moment. This wave count changes once price breaks above the 100% level or the October monthly candle fails to push below the support trend lines.
1 hour
The EUR/USD broke the rising wedge formation (dotted red) and accelerated to the upside with an extended wave 5 (green).
GBP/USD
4 hour
The GBP/USD has indeed made the rally up from the support (green) trend line and the wave B turning spot all the way to the resistance trend line (red). Considering the strong bullish momentum, price could still make one more push up towards the 78.6% and 88.6% Fibonacci levels. The 100% level marks the invalidation level for wave 2 (orange).
1 hour
The GBP/USD showed acceleration during its wave C (green) development. Considering that strong bullish impulse, it seems most likely that the current upside will not top here and that a wave 4 and (blue) within that wave C is still remaining. A break below the 38.2% or 50% Fibonacci (4 vs 3) decreases the chances of a wave 4 occuring.
USD/JPY
4 hour
The USD/JPY has moved down towards a major support level (blue) of the sideways zone. A break below support would change the wave count from an ABC (orange) to a 123 and mark the wave 2 (purple) as completed.
1 hour
The USD/JPY has accelerated its downtrend and price has arrived at a major support zone where a horizontal level (green) and the 161.8% Fibonacci target are present. If price breaks above the 50% Fibonacci level (4vs3) then there is a higher chance that the wave C (orange) has been completed at the recent bottom. The other scenario is a break below support for a downtrend continuation via wave 5, which could change the wave count from an ABC (orange) to a 123.