Home Forex Analysis And Forecasts EUR/USD in Wave 4 Retracement at Resistance Confluence

EUR/USD in Wave 4 Retracement at Resistance Confluence

EUR/USD

4 hour

EURUSD

The EUR/USD oscillator has made a retracement back to the middle of the indicator (purple box) after previously showing strong bearish momentum (orange box). This means that there is a high probability of a downtrend continuation from the Fibonacci retracement levels like the 38.2% and the 50% to complete wave 5 (purple) of 3 (brown). After that a shallow pullback could indicate 1 more wave 4 and 5 (brown) to finish wave C (green).

1 hour

EURUSD

As long as the EUR/USD stays below the resistance trend lines (red/brown) then a wave 4 (purple) is the most likely scenario. A break below the support trend lines (green) increases the chance of price falling towards the Fibonacci targets of wave 5 (purple).

GBP/USD

4 hour

GBPUSD

The GBP/USD’s current wave count with pink 1-2 is invalidated if price breaks above the top and 100% level.

1 hour

GBPUSD

The GBP/USD show one more push up yesterday, which seems to be a wave 5 (blue). The bearish wave count is reliant on the development that the 100% Fib is not broken and that the support trend lines are eventually broken.

USD/JPY

4 hour

USDJPY

The USD/JPY is in a contracting wedge chart pattern with a support (green) and a resistance (red/brown) level nearby that offer measuring points for a breakout.

1 hour

USDJPY

A break above the resistance level invalidates the current bearish wave structure where as break below support could indeed see wave C (blue).

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