Home Forex Analysis And Forecasts EURUSD Mini Bullish Channel in Larger Contracting Triangle

EURUSD Mini Bullish Channel in Larger Contracting Triangle

EUR/USD

4 hour

EURUSD

The EUR/USD is building a triangle chart pattern which are clearly marked by the orange resistance and green support trend lines.

1 hour

EURUSD

The EUR/USD retraced deeply and fell towards the 78.6% Fibonacci retracement level. A deep pullback is typical for a wave 1-2 scenario, which could be the wave structure for the EURUSD within a wave C (purple).

GBP/USD

4 hour

GBPUSD

The GBP/USD downtrend is accelerating within the wave 5’s (pink/blue) and heading lower towards Fibonacci targets. A break beyond the 61.8% Fibonacci target increases the chances of the wave C (purple) being replaced by a wave 3.

1 hour

GBPUSD

The GBP/USD made a deep retracement for wave 4 (blue) but did respect the bottom of wave 1 (blue). An alternative wave count could be a wave orange 1-2 (instead of 3-4).

USD/JPY

4 hour

USDJPY

The USD/JPY downtrend remains strong as long as price remains below the resistance trend line (orange). Price is approaching new support levels (blue) from a daily chart.

1 hour

USDJPY

The USD/JPY completed an ABC (orange) correction within wave 2 (pink) and is now near the top of the downtrend channel (red) and the inner support of the correction (green).

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