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EUR/USD Build Bullish Bounce at 50% Fibonacci Wave X

EUR/USD

4 hour

EURUSD

The EUR/USD is showing light signals of bearish momentum but so far the downside pressure has been mild. Price could build a larger correction and move towards lower Fibs levels but these levels has a high chance of acting as s support as well.

1 hour

EURUSD

The EUR/USD fell towards the Fibonacci levels of wave X versus wave Y (green) and bounced at the 50% Fib. If price shows bullish momentum then price could start a wave A or wave 1 (brown).

GBP/USD

4 hour

GBPUSD

The GBP/USD bearish price action almost reached the bottom of the downtrend channel (green). Price seems to be building a bullish retracement at the 61.8% Fibonacci target, which could be part of a wave 4 correction (blue). Typically waves 4 respect the 23.6, 38.2% and 50% Fib levels after which one more bearish push for wave 5 could bring price to the bottom of the channel.

1 hour

GBPUSD

The GBP/USD seems to be building an ABC (grey) bullish zigzag within wave 4 (blue), which is invalidated if price breaks above resistance (red/orange).

USD/JPY

4 hour

USDJPY

The USD/JPY built a bullish rally but price has stopped at the confluence of resistance trend lines around 123.50 (orange/red).

1 hour

USDJPY

Price has fallen quickly from this resistance zone, which could indicate a bearish momentum such as a wave A (pink). An ABC seems the most likely path at the moment. A break below the 100% invalidates the current wave A-B structure (green).

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