US Dollar breaks resistance and continues towards Fibonacci targets 2016.11.24

EUR/USD

4 hour

The EUR/USD broke the support trend line (dotted blue) and is now retesting the major support levels (green) from the daily-weekly charts. A break below these support (blue) levels could indicate a downtrend continuation, whereas a break above the resistance trend line (orange) could start a wave 2 (green) correction.

1 hour

The EUR/USD bearish break and momentum is approaching support levels (green), which could potentially complete waves 5.

GBP/USD

4 hour

The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction.

1 hour

The GBP/USD completed an ABC (grey) zigzag within a wave X (orange). Price could complete the wave 2 (blue) at one of the Fibonacci retracement levels although a break above the 100% level invalidates the current wave count. If price is not building an expanded correction (WXY orange), then price will break through the support trend line (green).

USD/JPY

4 hour

The USD/JPY bullish momentum broke above the resistance trend line (dotted orange) and expanded the wave 5 (orange).

1 hour

The USD/JPY completed a wave 4 (green) and is heading towards the Fibonacci targets.

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