Wave 4 Corrective Phases in Forex Market 2015.11.10

EUR/USD

4 hour

The EUR/USD bounced at the bottom of the downtrend channel and is making a bullish correction, which is marked as wave 4 (brown). The resistance zone (red), trend line (orange) and Fibonacci levels are potential turning spots for the conclusion of wave 4.

1 hour

The EUR/USD is building a bear flag (green lines) chart pattern within the wave 4 but price could retrace deeper towards the Fibonacci retracement levels.

GBP/USD

4 hour

The Cable is in a bearish breakout below the triangle support (dotted green), which is part of a wave 3 impulse.

1 hour

The GBP/USD is making a retracement at the moment which is most likely a corrective wave 4 (green). Price should normally not break above the 50% Fibonacci level.

USD/JPY

4 hour

The USD/JPY broke above the long-term resistance of the sideways zone (dotted brown) in an impulsive manner which seems to be best explained at the moment as a wave A (blue).

1 hour

The USD/JPY is most likely in a wave 4 (orange) unless price manages to break below the support trend line (green) and wave 4 Fibonacci levels.