EUR/USD Faces Massive Decision between 1.12 Support and 1.13 Resistance

Jūnijs 01, 2017 08:00

EUR/USD

4 hour

The EUR/USD broke above the resistance trend line (dotted red) and invalidated the bearish wave structure. The new wave count is showing the alternative 3 wave ABC (blue) within wave 4 (purple). The resistance at 1.13 and the support (green) at 1.12 are very important levels as the breakout will provide key information about the next potential trend.

1 hour

The EUR/USD broke above the resistance (dotted red) and the wave structure could now be a bullish version with a wave 123 (blue). To confirm this wave count, however, price will need stay above support (green) and reach the 161.8% Fib target.

GBP/USD

4 hour

The GBP/USD has retraced to higher levels and has reached a resistance trend line (red). A break above it invalidates the wave 3 (blue) whereas a break below support (green) could confirm it.

1 hour

The GBP/USD completed an WXY (grey) correction within wave 4 (orange) and has reached a key decision zone.

USD/JPY

4 hour

The USD/JPY could have completed a truncated wave 5 (orange), which means that the 5th wave does not break below the bottom of wave 3. A break above the resistance trend lines would confirm this structure.

1 hour

The USD/JPY seems to have completed 5 internal waves twice (grey/purple) within wave 5 (orange). A bullish break above resistance (orange) could confirm the current wave structure whereas a break below support (green) invalidates it.

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