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EUR/USD & GBP/USD at Invalidation Levels for Waves 2 & B

EUR/USD

4 hour

EURUSD

The EUR/USD has shown a deep pullback within the potential wave 2 (brown) up to the 88.6% Fibonacci retracement level. A break above the purple line invalidates the current wave 1-2 (brown) structure.

1 hour

EURUSD

The EUR/USD made one more bullish push yesterday which could be explained by a wave 4 and 5 (green). Currently there is a rising wedge (red/green lines) chart pattern taking place on the 1 hour chart, which is most often a reversal signal. A break of the various support levels confirms the bearish potential, whereas a break above resistance invalidates the wave 2 (brown).

GBP/USD

4 hour

GBPUSD

The GBP/USD posted a deep bearish retracement yesterday down to the 78.6% Fibonacci retracement level. A break below the support trend line (green) invalidates the wave B (green) and indicates that wave 2 (orange) has been most likely completed at the recent top (where wave A is now).

1 hour

GBPUSD

The GBP/USD bounced at support (green) and price could have space up to the 100% Fibonacci target if price manages to break above the 61.8% Fibonacci target and then top (red).

USD/JPY

4 hour

USDJPY

The USD/JPY remains very choppy and price action has significantly slowed down.

1 hour

USDJPY

The USD/JPY is still valid as price respects the bottom. The overall choppiness of the currency pair is making an ABC (orange) more likely. This wave count would change if price is able to break below the 161.8% Fibonacci target.

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