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EUR/USD Bearish Breakout after Turnaround at Wave 4 Resistance

EUR/USD

4 hour

EURUSD

The EUR/USD made a bearish turn yesterday at the previous wave 4 (blue) and 38.2% Fibonacci level. Price continued its downtrend and broke below the support trend line (dotted green). A bearish trend continuation could complete wave 5 (purple).

1 hour

EURUSD

The bearish breakout below support (dotted green) has been labeled as a wave 3 (green). The potential wave 4 (green) correction must not cross above the bottom of wave 1 (green) or else it invalidates the current wave count.

GBP/USD

4 hour

GBPUSD

The GBP/USD’s recent price action has been primarily sideways with momentum taking place in both directions. The support (green) and resistance (orange) trend lines mark the boundaries of the current consolidation.

1 hour

GBPUSD

At the moment the wave formation is labeled as a deep wave 2 (green) pull back. The GBP/USD price action invalidates the current wave 1-2 structure (pink) if it manages to break above the resistance line (brown) and 100% Fib levels.

USD/JPY

4 hour

USDJPY

The USD/JPY is again near the resistance zone within the wider range (brown/blue lines). The current wave count labels this price action as a hook back for more downside (see the 1 hour chart for the invalidation level).

1 hour

USDJPY

A break above the resistance level (red) and previous top (100%) invalidates the current bearish wave structure whereas a break below support (green) most likely triggers the continuation of wave 3 (green).

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