Home Forex Analysis And Forecasts EURUSD & GBPUSD Develop ABC Bullish Zigzag Patterns

EURUSD & GBPUSD Develop ABC Bullish Zigzag Patterns

EUR/USD

4 hour

EURUSD

The EUR/USD displayed bullish momentum during yesterday’s trading day, which confirmed the development of an ABC rally (brown).

1 hour

EURUSD

The EUR/USD broke above the resistance (dotted orange) and showed a bigger bullish impulse. This could have completed a wave 3 (purple) within wave C (brown). Major resistance is nearby at 1.1, which is resistance from a higher time frame and the 61.8% Fibonacci target.

GBP/USD

4 hour

GBPUSD

The GBP/USD indeed displayed a bullish bounce at the 78.6% Fibonacci level and made a significant rally as part of the expected ABC (green) zigzag.

1 hour

GBPUSD

The GBP/USD showed a strong bullish break and momentum above the resistance (dotted orange), which could be a wave 3 as well (blue). A potential 5th wave has more chance of developing when price stays above the 50% Fibonacci level of wave 4 (blue).

USD/JPY

4 hour

USDJPY

The USD/JPY broke the support level of the entire consolidation zone (dotted green), which expands the wave Y (blue) correction.

1 hour

USDJPY

The USD/JPY accelerated below the support (dotted green) all the way to the 261.8% Fibonacci target, which is a common distance for a wave 3 (pink) but for a wave C. The wave count now reflects this change and indicates a likelihood of a wave 4 (pink) retracement.

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