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EUR/USD & GBP/USD Trapped in Triangles with Fibs Nearby

EUR/USD

4 hour

EURUSD

The EUR/USD had calm price action yesterday which stayed in between the support (green) and resistance (red) levels. Today’s interest rate decision plus press conference could the catalyst for price to break above or below the contracting triangle.

1 hour

EURUSD

From a wave perspective, could struggle and respect the deeper (50%, 61.8% or 78.6%) Fibonacci levels (break above 100% level invalidates wave 1-2 orange). A break below support (olive green) and the 100% level of wave B (pink) could trigger the start of a bearish breakout.

GBP/USD

4 hour

GBPUSD

The GBP/USD could still be in a wave 4 (green), which explains the sideways price movement. A break above the resistance trend line (red) could price complete wave 5 (green) at the 78.6% and 88.6% Fibonacci retracement levels (a break above the 100% level invalidates the wave 1-2 orange).

1 hour

GBPUSD

The GBP/USD remains in between the support (green) and resistance (dark red) trend lines. A break below the 50% Fibonacci level of wave 4 (green) is needed before wave 4 can be considered completed at an earlier bottom.

USD/JPY

4 hour

USDJPY

The USD/JPY broke the support trend line (dotted green) which in turn could indicate the completion of wave C (green). Whether price has also completed wave 2 (purple) is dependent on whether price can break below the bottom (blue).

1 hour

USDJPY

The USD/JPY seems to have completed an ABC zigzag (green) after price broke below the rising wedge formation (dark red/dotted green).

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