Home Forex Analysis And Forecasts EUR/USD Bullish Bounce Potential at 61.8% or 78.6% Fibonacci

EUR/USD Bullish Bounce Potential at 61.8% or 78.6% Fibonacci

EUR/USD

4 hour

EURUSD

The EUR/USD broke below the 50% Fibonacci retracement level and fell towards the 61.8% Fib of wave X (brown). A potential break below the 61.8% Fib could price see price fall towards the 78.6% whereas a potential rally could indicate the completion of wave X.

1 hour

EURUSD

The EUR/USD completed a wave B (orange) yesterday before building a new bearish impulsive as wave C (orange). Price could now be making a small correction as part of wave 4 (pink) before falling for wave 5 (pink). The wave 4 structure is not valid anymore if price managed to break above the bottom of wave 1 (red).

GBP/USD

4 hour

GBPUSD

The GBP/USD wave count is vulnerable to change in the upcoming week(s) but for the moment the wave structure is indicating a wave 5 (blue) within the downtrend.

1 hour

GBPUSD

The GBP/USD would need to break below the support trend line (green) before an expansion of wave 3 (green) is possible.

USD/JPY

4 hour

USDJPY

The USD/JPY managed to continue with its downtrend to the next target at the 100% Fibonacci level. Price remains in the wider support zone indicated by the blue horizontal lines.

1 hour

USDJPY

The USD/JPY must stay below the resistance trend line (brown) for the downtrend channel to stay relevant. A break above it could see price build a bigger momentum rally up to the orange trend line.

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