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EUR/USD Expecting Correction after Downtrend Channel Break?

EUR/USD

4 hour

EURUSD

The EUR/USD downtrend is showing signs of weakness as price broke above the resistance (orange dotted) of the downtrend channel. There is also double divergence when comparing price with the oscillator (purple). A break below this year’s low (green) is needed before the EUR/USD can be considered in a wave 3 (green).

1 hour

EURUSD

The EUR/USD completed an ABC zigzag formation (green) yesterday. At the moment I am expecting a bigger bullish correction (WXY blue) due to the divergence on the 4 hour chart.

GBP/USD

4 hour

GBPUSD

The GBP/USD is near the invalidation point (red) of wave 4 (green).The Cable remains near multiple resistance levels, which could send price back lower. In general however, the downtrend is behaving choppy and price action is not resembling the expected impulse of a wave 3 (pink/blue).

1 hour

GBPUSD

The GBP/USD needs to break below support (greens) before the wave 4 (green) correction can be considered completed.

USD/JPY

4 hour

USDJPY

The USD/JPY need to break above the wave Y (brown) top before an uptrend continuation becomes more likely. For the moment price is at support (green) which could become a bounce and/or breakout level.

1 hour

USDJPY

The USD/JPY seems to have completed wave 5 (green) of wave A (blue) and a bigger ABC correction could take place.

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